Lineage stock IPO

Temperature-controlled logistics leader Lineage Inc. has successfully raised approximately $4.4 billion through its initial public offering (IPO), making it the largest first-time share sale of 2024. The Novi, Michigan-based company sold nearly 57 million shares at $78 each, near the top of its expected price range of $70 to $82, resulting in a market valuation of about $19 billion. This IPO is notable as it represents a significant recovery in the US IPO market, which has seen over $22 billion raised this year, nearly two-thirds higher than last year's figures. Norway's sovereign wealth fund has shown interest in acquiring up to $900 million in shares, underscoring strong investor confidence in Lineage's market position. The company will trade on the Nasdaq under the ticker symbol 'LINE', joining Americold in the cold storage sector but surpassing its market cap significantly. This successful IPO marks a positive trend for large listings, particularly during the summer months, which have been historically quiet.