Jul 16, 2024 - Business

Lineage preps the year's largest IPO

Dan Primack

Illustration of a pattern of thermometers showing low temperatures. — Illustration: Brendan Lynch/Axios

Lineage, a Novi, Michigan-based real estate investment trust focused on cold storage facilities, on Tuesday set terms for what would be the year's largest U.S. IPO.

By the numbers: The company could raise upwards of $3.85 billion at a $17.2 billion market cap, if it hits the top of its planned pricing range.

Even if Lineage prices at the bottom, it still would raise more than the year's current record-holder, cruise operator Viking Holdings.

What to know: Lineage has over 3 billion cubic feet of capacity in 482 temperature-controlled facilities around the globe, which provide storage for over 13,000 customers (many of them in the food and beverage space).

It plans to list on the Nasdaq (LINE). Backers include Bay Grove Capital, Stonepeak, D1 Capital Partners, and Oxford Properties Group.
For 2023, the company reports a $536 million net loss on $5.34 billion of revenue.

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Lineage preps the year's largest IPO

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