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General info on Lineage

About the company

Name

Lineage

Industry

Warehousing & Supply Chain Logistics

Employees

Approx. 26,000

Founding year

2012

Ticker

LINE

Filing Information

IPO file date

25/7/2024

No. of shares

47,000,000 shares

Price

Est at $70 - $82

Exchange

Nasdaq Global

Bookrunners

Morgan Stanley, Goldman Sachs & Co. LLC, BofA Securities, J.P. Morgan and Wells Fargo Securities

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IPO Details

About Lineage

Lineage’s journey began with the acquisition of a cold storage warehouse, Seafreeze, in 2008. Since then, it has grown exponentially, with 111 facilities in 21 states, and is ranked as the second largest temperature-controlled warehousing and logistics company in the United States.

Lineage Logistics also ranks 23rd in Fast Company’s list of the World’s Most Innovative Companies.

The warehousing giant, which services household names like Amazon, Walmart, and PepsiCo, has boosted its revenue 38% over the past 7 years, anchored, in part, by the company’s decision to invest in Michigan as its place to do business.

Lineage IPO Figures & Valuation

Lineage is poised to be the largest global IPO of the year to date with an estimated valuation of up to $19.16 billion in its U.S. IPO as stated by Avery Marquez, assistant portfolio manager at Renaissance Capital. This is significantly larger than the current biggest IPO of 2024, which raised $1.5 billion (Viking Holdings).

The REIT, backed by private equity firm Bay Grove Capital, is aiming to raise up to $3.85 billion by offering 47 million shares at a price range of $70 to $82 each.

Lineage has raised equity capital worth more than $9 billion since inception from institutional investors such as BentallGreenOak, Stonepeak, Dan Sundheim’s D1 Capital, and Oxford Properties, according to its IPO prospectus.

For full-year 2023, Lineage earned $243.9 million on revenue of $5.34 billion, up from $233.6 million in net operating income on revenue of $4.93 billion in 2022.

Significant Investors and Market Interest

The Norwegian wealth fund, Norges Bank Investment Management, has indicated an interest in purchasing up to $900 million worth of shares sold in the offering.

Lineage Inc.’s controlling shareholder is Bay Grove Capital Group LLC, but the chilled-storage specialist has had more than two dozen institutional investors including Morgan Stanley (MS), Stonepeak Partners, StepStone, Cohen & Steers, and D1 Capital Partners.

Sources: Reuters, marketwatch, Michigan Economic, IPO Scoop

Norwegian Wealth Fund Shows Interest in Lineage Shares

The Norwegian wealth fund, Norges Bank Investment Management, has indicated an interest in purchasing up to $900 million worth of shares sold in the offering.

Lineage Has had More Than Two Dozen Institutional Investors

Lineage Inc.’s controlling shareholder is Bay Grove Capital Group LLC, but the chilled-storage specialist has had more than two dozen institutional investors including Morgan Stanley, Stonepeak Partners, StepStone Group, Cohen & Steers, and D1 Capital Partners.

Summary

Ticker

LINE

Price

Est at $70 - $82

Exchange

Nasdaq Global

Bookrunners

Morgan Stanley, Goldman Sachs & Co. LLC, BofA Securities, J.P. Morgan and Wells Fargo Securities

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Key Points

Get a quick overview of the essential figures for the Lineage IPO.

IPO file date

25/7/2024

Valuation

$19.16 Billion

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Lineage

Warehousing & Supply Chain Logistics

Status:
Available
IPO Date:
25/7/2024
IPO Price:
Est. at $70 - $82

View Full IPO Report

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