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Temperature controlled warehouse REIT Lineage (NASDAQ:LINE) priced its shares at $78 per share, raising $4 billion in the year’s largest initial public offering.
Lineage sold nearly 57 million shares at $78, at the upper end of its expected range of $70 to $82. Bloomberg reported on Wednesday, citing people familiar with the matter. The company initially issued 47 million shares.
Lineage is expected to list on the Nasdaq Global Select Market under the ticker symbol “LINE.” At current prices, Lineage has a float of approximately $19 billion.
Lineage (LINE) claims to be the world’s largest global temperature-controlled warehouse REIT, with a capacity of 3.0B cubic feet. It had 2.1B cubic feet of capacity in North America as of March 31, 2024, surpassing Americold’s (COLD) capacity of 1.2B cubic feet.
Morgan Stanley, Goldman Sachs, BofA Securities, J.P. Morgan and Wells Fargo Securities are serving as joint lead bookrunning managers.
