The world’s largest temperature-controlled real estate investment trust, Lineage Inc., has filed for an initial public offering. Neither an estimated price range for the shares nor the size of the offering was announced.
Lineage’s IPO was previously reported to fetch the company a valuation of more than $30 billion.
The company plans to list its stock on the Nasdaq under the ticker “LINE.”
Novi, Michigan-based Lineage operates more than 480 warehouses with 3 billion cubic feet of space across North America, Europe and the Asia-Pacific region. It provides end-to-end logistics services like freight forwarding, customs brokerage, drayage and truck transportation.
Lineage is backed by private equity firm Bay Grove and has raised more than $13 billion in capital since its 2008 inception.
“Becoming a publicly traded company is a momentous decision and not without certain well-known considerations,” Bay Grove co-founders Adam Forste and Kevin Marchetti told prospective investors in a letter accompanying a filing with the Securities and Exchange Commission. “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.”
The filing showed proceeds from the IPO will be used to repay $2.4 billion in revolving debt.
The company generated $5.34 billion in revenue in 2023, an 8% year-over-year increase, with net operating income of $1.75 billion, a 20% y/y increase.
Morgan Stanley, Goldman Sachs, BofA Securities, J.P. Morgan and Wells Fargo were listed as lead book-runners on the deal. Numerous other investment banks were listed as co-managers.
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