Key Takeaways
- Lineage raised $4.4 billion in an initial public offering, the most since Arm Holdings went public in September.
- Shares sold at $78 apiece, nera the high end of the company’s estimated range.
- Lineage, the world’s largest operator of cold storage warehouses, reported $5.3 billion in revenue in the year ending March 31.
It’s the biggest U.S. initial public offering (IPO) of the year: Lineage, the world’s biggest operator of cold storage warehouses, announced it had sold 56.9 million shares at $78 each, near the high end of its previously indicated range of $70 to $82.
That raised $4.4 billion, the most since British chipmaker Arm Holdings (ARM) went public in September. The stock is expected to start trading later today on the Nasdaq using the symbol “LINE.”
Lineage, launched in 2012 by Adam Forste and Kevin Marchetti, operates 482 facilities in North America, Europe, and the Asia-Pacific region. In a regulatory filing, it reported $5.3 billion of revenue, $162.8 million of net loss, $1.8 billion of net operating income, and $1.3 billion of adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in the 12 months ended March 31.
The company said the proceeds would be used to pay down debt and fund cash grants to some employees. Lineage said underwriters have a 30-day option to purchase an additional 8.5 million shares.