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Lineage Raises $4.45 Billion in 2024's Largest IPO, Shares Open at $82 with 5.1% Increase

Jul 25, 2024, 12:11 PM

Lineage Inc., the world's largest operator of cold-storage warehouses, has raised $4.45 billion in its initial public offering (IPO), making it the largest IPO of 2024. The company priced nearly 57 million shares at $78 each, which was within the indicated range of $70 to $82. Lineage's shares opened at $82 on the Nasdaq, marking a 5.1% increase from the IPO price. This successful debut underscores investor enthusiasm for the temperature-controlled logistics sector. Lineage operates 480 locations globally and handles 400 billion pounds of food annually. The IPO was upsized from an initial plan to sell 47 million shares. The offering was managed by Morgan Stanley and is a significant bright spot in an otherwise sub-par year for IPOs. The company, a REIT, has an implied valuation of over $18 billion, making it the largest public offering since chip designer Arm’s $4.8 billion listing last September.