Lineage, a leading US temperature-controlled warehouse REIT with a global presence, announced terms for its IPO on Tuesday.
The Novi, MI-based company plans to raise $3.6 billion by offering 47 million shares at a price range of $70 to $82. Certain cornerstone investors intend to purchase $900 million worth of shares in the offering (25% of the deal). At the midpoint of the proposed range, Lineage would command a fully diluted market value of $18.1 billion.
At $3.6 billion, Lineage would be the largest IPO of the year to date, surpassing the current leaders both in the US and internationally.
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, with 312 in North America, 82 in Europe, and 88 in Asia-Pacific. 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.
Lineage 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. 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. It is expected to price during the week of July 22, 2024.
