Logistics giant Lineage raises $4.45 bln in biggest IPO in 2024

Lineage

24/07/2024 23:29

By Echo Wang
       NEW YORK, July 24 (Reuters) - Lineage  LINE.O , the
world's largest operator of cold-storage warehouses, raised
$4.45 billion in its U.S. initial public offering, setting it up
for the biggest stock market debut globally this year, two
people familiar with the matter said on Wednesday.  
     The Novi, Michigan-headquarted company priced just under 57
million shares in New York at $78 apiece, the upper end of its
indicated range of $70 to $82, the sources said. Lineage had
originally planned to sell 47 million shares and sold more
because of the strong demand, the sources added. 
    The $4.45 billion IPO values Lineage at more than $18
billion and is the biggest since chip designer Arm's  ARM.O 
$4.87 billion offering last September. 
    The sources requested anonymity ahead of an official
announcement. Lineage did not immediately respond to a request
for comment. Its shares will begin trading on Nasdaq on
Thursday.

 (Reporting by Echo Wang in New York
Editing by Greg Roumeliotis)
 ((Greg.Roumeliotis@thomsonreuters.com; +1 646 223 6022; Reuters
Messaging: greg.roumeliotis.thomsonreuters.com@reuters.net))