Lineage Achieves Largest U.S. IPO of the Year with $4.4 Billion Raised

Lineage, the world’s leading operator of cold storage warehouses, has executed the largest initial public offering (IPO) in the U.S. this year. The company announced the sale of 56.9 million shares at $78 each, which is near the high end of its anticipated range of $70 to $82.1. This sale generated a remarkable $4.4 billion, making it the most substantial IPO since British chipmaker Arm Holdings went public last September.

Trading under the symbol “LINE,” Lineage’s stock opened at $82 on the Nasdaq and, as of 1:25 p.m. ET Thursday, was trading at $80.60, reflecting a 3.3% increase.

Founded in 2012 by Adam Forste and Kevin Marchetti, Lineage has rapidly expanded its operations to 482 facilities across North America, Europe, and the Asia-Pacific region. In its recent regulatory filing, the company reported $5.3 billion in revenue for the 12 months ending March 31. However, it also recorded a net loss of $162.8 million, alongside $1.8 billion in net operating income and $1.3 billion in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).

Lineage has outlined its plans for the proceeds from the IPO, indicating that the funds will be used primarily to reduce debt and provide cash grants to some employees. Additionally, the company disclosed that underwriters have a 30-day option to purchase an additional 8.5 million shares, potentially increasing the total raised.

This landmark IPO underscores Lineage’s significant position in the cold storage industry and its strategic growth ambitions. The substantial capital raised will support the company’s financial health and reward its workforce while also paving the way for further expansion and operational improvements.

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