Lineage (LINE Proposed) launched its $3.57 billion IPO early today for pricing next week – in an S-11/A filing dated July 16, 2024. The early Tuesday filing by the frozen warehouse REIT heated up an IPO Calendar that started the week with some sizzle. The terms of Lineage’s IPO might prompt some double-takes: 47.0 million shares at a price range of $70.00 to $82.00 to raise $3.572 billion, if priced at the $76.00 mid-point of that wide range.
Lineage plans to price its IPO next Wednesday night – July 24, 2024 – to trade Thursday, July 25, on the NASDAQ.
Morgan Stanley, Goldman Sachs, BofA Securities and J.P. Morgan are leading the team of joint book-runners.
Lineage, which traces its roots to late 2008 in Seattle, is the world’s largest global temperature-controlled warehouse REIT, the prospectus says.
“As of March 31, 2024, we operated an interconnected global temperature-controlled warehouse network, comprising over 84.1 million square feet and 3.0 billion cubic feet of capacity across 482 warehouses predominantly located in densely populated critical-distribution markets, with 312 in North America, 82 in Europe and 88 in Asia-Pacific,” the prospectus says.
“We have a well-diversified and stable customer base and currently serve more than 13,000 customers that include household names of the largest food retailers, manufacturers, processors and food service distributors in the industry.”
Lineage is not profitable, according to the financial statements in the prospectus. For the 12 months that ended March 31, 2024, Lineage reported a net loss of $162.8 million on revenue of $5.3 billion.
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