A real estate investment trust dealing in temperature-controlled warehouse environments has just pulled off the biggest initial public offering of the year.
Michigan-based Lineage Inc raised over $4.4 billion on Thursday through a share offering on the Nasdaq at $78 apiece.
Investors flocked to the stock following the debut, pushing Lingeage’s valuation up 3.5% to $18.87 billion by the end of its first trading session.
It marked the biggest IPO since SoftBank floated Arm Holdings PLC (NASDAQ:ARM) in September 2023.
According to prospectus documentation, Lineage is the “world’s largest global temperature-controlled warehouse REIT” owning 84.1 million square feet of store capacity across the globe.
Major food and drink corporations work with Lineage to secure supply chain efficiency and to minimize wastage.
Founded in 2008, Lineage generated $4.9 billion of revenue in the financial year ending December 2022, translating to $1.4 billion of net operating income.
Prior to the IPO, Lineage had raised $9 billion of equity capital from private investors.
Lineage is trading on the Nasdaq under ticker symbol LINE.