Lineage, the temperature-controlled warehouse REIT, stirred the markets as it priced its shares at $78 each, making a grand entrance with an impressive initial public offering that raised over $4 billion. This bold move, placing the offering near the high end of its projected range, solidified Lineage’s ambitions for the year.
With nearly 57 million shares being sold at $78 each, Lineage surpassed expectations by opting for the upper echelons of its anticipated $70 to $82 range, as reported by Bloomberg insiders on Wednesday. Originally planning to release 47 million shares, Lineage’s decision to go bigger paid off handsomely.
In its upcoming debut on the Nasdaq Global Select Market under the ticker symbol “LINE,” Lineage is set to make waves with a market capitalization of around $19 billion based on its outstanding shares. The bold pricing strategy not only indicates confidence but sets the stage for a robust entry into the market.
As self-proclaimed holders of the title for the world’s most extensive global temperature-controlled warehouse REIT, Lineage boasts an impressive 3.0 billion cubic feet in capacity. Within North America alone, Lineage stands tall with 2.1 billion cubic feet of capacity as of March 31, 2024, outshining competitors like Americold with its 1.2 billion cubic feet of capacity.
Leading the charge as joint lead book-running managers are heavyweight institutional names such as Morgan Stanley, Goldman Sachs & Co., BofA Securities, J.P. Morgan, and Wells Fargo Securities. This formidable team underscores the confidence in Lineage’s potential and its ability to make a significant impact in the REIT sector.
