Logistics giant Lineage lifts in 2024's biggest IPO

Lineage

25/07/2024 18:01

(Updates with opening price)
    ** Cold-storage and logistics giant Lineage  LINE.O  rises
in debut on Thurs after scoring year's biggest IPO
    ** LINE shares open at $82 vs $78 IPO price. Stock last up
4% at $81.13
    ** Novi, Michigan-based real estate investment trust (REIT)
late Weds sold ~56.9 mln shares raising ~$4.44 bln
    ** Co had targeted selling 47 mln shares in range of $70-$82
    ** IPO values Bay Grove Capital-backed Lineage at more than
$18 bln and is largest in US since chip designer Arm's  ARM.O 
$4.87 bln offering in Sept
    ** Norway's sovereign wealth fund had indicated interest to
buy up to $900 mln of the IPO, per the SEC prospectus
    ** Morgan Stanley, Goldman, BofA, JP Morgan and Wells Fargo
leading nearly 30-firm underwriting group on the IPO
    ** KKR  KKR.N  is Lineage's lead financial advisor

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))