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Temperature-controlled warehouse REIT Lineage (NASDAQ:LINE) priced its shares at $78 a share, raising more $4 billion in the year’s biggest initial public offering.
Lineage sold nearly 57 million shares at $78, at the high end of its expected range of $70 to $82 a share, according to a Bloomberg report on Wednesday, which cited people familiar with the matter. The company originally marketed 47 million shares.
Lineage expects to list its shares on the Nasdaq Global Select Market under the ticker “LINE.” At the current price, Lineage would have a market cap of about $19 billion based on its shares outstanding.
Lineage (LINE) bills itself as the world’s largest global temperature-controlled warehouse REIT, with capacity of 3.0B cubic feet. In North America, it has 2.1B cubic feet of capacity as of March 31, 2024, surpassing Americold (COLD), which has 1.2B cubic feet of capacity.
Morgan Stanley, Goldman Sachs & Co., BofA Securities, J.P. Morgan, and Wells Fargo Securities are acting as joint lead book-running managers.
