Lineage Raises $4.4B in Largest 2024 IPO

Cold-storage giant Lineage successfully raised $4.4 billion in the year's largest initial public offering (IPO), selling 57 million shares at $78 each and achieving a market value of approximately $19 billion. The IPO marks a significant moment for the company, which now trades on the Nasdaq under the symbol 'LINE' and saw shares rise by up to 5.4% on the first day of trading. Lineage, the world's largest global temperature-controlled warehouse REIT, operates 482 warehouses globally and reported $5.3 billion in revenue for the last fiscal year. This IPO is a rare sizable listing during summer and a positive signal for the US IPO market, which has seen a rebound in activity this year. The funds raised will be used to pay down debt and fund cash grants to employees.