Novi, Michigan-headquartered Lineage has announced that it has publicly filed a registration statement on Form S-11 with the US Securities and Exchange Commission (SEC) to sell shares of its common stock in an underwritten initial public offering. The company is ranked as the world’s largest temperature-controlled warehouse Real Estate Investment Trust with a network of over 480 facilities offering more than 84.1 million square feet and 3.0 billion cubic feet of capacity across countries in North America, Europe and the Asia-Pacific region.
“Becoming a publicly traded company is a momentous decision and not without certain well-known considerations. However, we strongly believe the public market is the best way to deliver growth at scale by providing us with the advantages of a liquid currency and direct access to a lower cost of capital to further fuel our growth flywheel. Moreover, we believe that if we can remain true to what has made us successful as a private company, we will be even more successful as a publicly traded one,” stated Lineage Co-Founders Adam Forste and Kevin Marchetti in filings with the SEC.
The timing, number of shares that may be offered and the price range for the proposed offering have not yet been determined. The company intends to apply to list its common stock on the Nasdaq Global Select Market under the ticker symbol “LINE.” The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or to its actual size or terms.
Lineage generated $5.34 billion in turnover last year, and according to a Bloomberg report, the IPO could have a valuation of more than $30 billion.
