Lineage, the world’s largest temperature-controlled warehouse real estate investment trust (REIT), made its debut on Nasdaq on Thursday after going public, rising as much as 5%. under the ticker symbol “LINE”.
Lineage sold 57 million shares on Wednesday at $78 apiece, near the top end of its original target range of $70 to $82. The company raised $4.4 billion, with an implied valuation of more than $18 billion, making it the largest public offering since a chip design company armIt went public in September last year and raised US$4.8 billion, more than twice the size of the cruise industry. Viking Holdingslaunched in May.
The bloodline is four times CNBC Disruptor 50 The company Ranked 46th on this year’s list.
One of the biggest factors in the company’s success is its aggressive acquisition strategy.
“We started in a warehouse and made 116 acquisitions to turn Lineage into what it is today,” Lineage co-founder and co-executive chairman Adam Forste said on CNBC.scream boxThursday morning, before stocks began trading.
In the last year alone, Lineage acquired Grupo Fuentes, Burris Logistics, Kennedy Transportation and Harnes. The acquisition of Burris alone has brought Lineage Eight new facilities.
“As part of the deal, we purchased a number of companies by transferring equity into Lineage, so they are here to celebrate with us today,” Foster said, adding that the company’s name is derived from Lineage, or Lineage, He and co-founder Kevin Marchetti acquired the family-owned warehouse.
Lineage has amassed over 480 facilities, totaling approx. 2.9 billion cubic feet of capacity Countries throughout North America, Europe and Asia Pacific. These locations create a global network of cold storage facilities that reduce supply chain food waste and its impact on the environment.
Food loss occurs at all levels of the supply chain and is estimated to be worth US$600 billion It is wasted during or shortly after harvest. Rising amounts of waste currently account for approximately 11% of the world’s emissions, making it one of the biggest environmental issues contributing to climate change.
Morgan Stanley, Goldman Sachs, Bank of America, JPMorgan Chase and Wells Fargo are the lead underwriters of the Lineage offering.
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