Lineage, a leading US temperature-controlled warehouse REIT with a global presence, filed on Wednesday with the SEC for an initial public offering. The company filed with a placeholder deal size, however we estimate the IPO could raise up to $3.5 billion.
Formerly known as Lineage Logistics, the company states that it is the world's largest global temperature-controlled warehouse REIT, with over 84.1 million square feet and 3.0 billion cubic feet of capacity. Its network comprises 482 warehouses predominantly located in densely populated critical-distribution markets. Lineage currently serves a diversified customer base of more than 13,000 of the largest food retailers, manufacturers, processors, and food service distributors in the industry.
The Novi, MI-based company traces its roots to 1886 and booked $5.3 billion in revenue for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol LINE. Lineage filed confidentially on November 9, 2023. Morgan Stanley, Goldman Sachs, BofA Securities, J.P. Morgan, Wells Fargo Securities, RBC Capital Markets, Rabo Securities, Scotia Capital, UBS Investment Bank, Capital One Securities, Truist Securities, Evercore ISI, Baird, KeyBanc Capital Markets, Mizuho Securities, PNC Capital Markets, Deutsche Bank, HSBC, Piper Sandler, and Regions Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
