Lineage Inc., a leading cold storage real estate investment trust (REIT), has announced the successful pricing of its initial public offering (IPO) at a valuation of approximately $19 billion. The IPO includes 47 million shares of common stock, with an option for the underwriters to purchase an additional 7.05 million shares within 30 days. The company’s stock will be listed on the Nasdaq exchange under the ticker symbol “LINE.” The offering price range was set between $70 and $82 per share.
The net proceeds from this IPO, estimated to be between $3.4 billion and $3.9 billion if the underwriters exercise their option, will primarily be used to retire debt, provide cash grants for select employees, and cover transaction costs. Any remaining funds will go towards regular corporate expenses or invested in short-term securities.
Headquartered in Novi, Michigan, Lineage is recognized as one of the largest global REITs specializing in temperature-controlled warehouses with over 482 facilities spanning North America,
Europe,and Asia-Pacific regions totaling more than three billion cubic feet of space.The majorityof these facilities are located in North America.Additionally,the company offers freight forwarding services,customs brokerage,dryage,and truck transportation services,in additionto beinga landlord.
Foundedin2008and backed by private equity firm Bay Grove,Lineag
