Lineage announced the pricing of its initial public offering (IPO) on July 24, 2024, with 56,882,051 shares of common stock priced at $78.00 per share. The underwriters have a 30-day option to purchase an additional 8,532,307 shares. The company plans to use the proceeds to repay borrowings, fund employee cash grants, resolve tax obligations associated with stock grants, and redeem its Series A preferred stock. Any remaining funds will support general corporate purposes, including further debt repayment.
Lineage, the world’s largest temperature-controlled warehouse REIT, operates over 480 facilities totaling 84.1 million square feet across North America, Europe, and Asia-Pacific. Partnering with leading food and beverage companies, Lineage aims to enhance distribution efficiency and sustainability and minimize supply chain waste. The company's stock will trade on the Nasdaq Global Select Market under the ticker symbol "LINE," with trading set to begin on July 25, 2024, and the offering closing on July 26, 2024. Leading financial institutions like Morgan Stanley and Goldman Sachs are among the joint lead book-running managers for the IPO.
