Lineage Inc., a leading cold storage REIT, has successfully priced its initial public offering at a valuation of approximately $19 billion. The IPO includes 47 million shares of common stock and an option for the underwriters to purchase an additional 7.05 million shares within the next 30 days. The company’s stock will be listed on Nasdaq under the ticker symbol “LINE” with an expected price range between $70 and $82 per share.
The net proceeds from this offering, estimated to be between $3.4 billion and $3.9 billion (if the option is exercised), will primarily be used to pay off debt, provide cash grants for employees, and cover transaction costs. Any remaining funds will go towards regular corporate expenses or invested in short-term securities.
Headquartered in Novi, MI, Lineage prides itself as being the largest global temperature-controlled warehouse REIT with operations spanning across North America, Europe,and Asia-Pacific regions managing over 482 facilities totaling three billion cubic feet of space.The majority of these facilities are located in North America.Additionally,the company offers freight forwarding,services such as customs brokerage,dryage,and truck transportation services.
Founded in 2008 by private equity firm Bay Grove,lineage has raised more than$13billionin financing.To date,the company reported revenueof$5 .3billion,$1 .8billionin net operating incomeand$1 .3bill ionin adjusted EBITDAforthe fiscal year ending March31st .
Leading investment banks including Morgan Stanley,Goldman Sachs,BofA Securities,J.P.Morgan,and Wells Fargo were involved as lead book-runners on this transaction which includeda totalof28investmentbanks.
This announcement marks another milestone achievement for Lineage,a major player withinthe cold storage industryand further solidifies their positionas one ofthe top playerswithinthis sector.
