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Lineage, the world’s largest climate-controlled warehouse real estate investment trust (REIT), rose 5% on its first day of trading on the Nasdaq on Thursday. The stock code is “LINE”.
Lineage priced 57 million shares at $78 per share on Wednesday, near the top of its initial target range of $70 to $82. The company raised $4.4 billion at an implied valuation of more than $18 billion, making it the largest public offering by a chip designer since 2007. armIt went public last September with a valuation of $4.8 billion, more than twice the size of the cruise operator Viking HoldingsThe company went public in May.
Lineage is four times CNBC Disruptor 50 company Ranked 46th This year’s list
One of the biggest factors in the company’s success is its aggressive acquisition strategy.
Adam Forster, co-founder and co-executive chairman, said on CNBC’s “CNBC“Before the stock started trading on Thursday morning.
In the past year alone, Lineage has acquired Grupo Fuentes, Burris Logistics, Kennedy Transportation and Harnes. The Burris acquisition alone has given Lineage Eight new facilities.
“A lot of the families that bought the company from us rolled their equity into Lineage as part of that transaction, so they’re here celebrating with us today,” Foster said, adding that the company’s name comes from the network, or lineage, of family warehouses that he and co-founder Kevin Marchetti founded.
Lineage has accumulated more than 480 facilities, totaling approximately 2.9 billion cubic feet capacity Located in multiple countries across North America, Europe and Asia Pacific, these locations form a global network of cold storage facilities, reducing supply chain food waste and its impact on the environment.
Food losses occur at every stage of the supply chain, with an estimated $600 billion worth of food lost It goes to waste during or soon after harvest. Currently, the growing amount of waste accounts for about 11% of global emissions – one of the biggest environmental problems contributing to climate change.
Morgan Stanley, Goldman Sachs, Bank of America, JPMorgan Chase and Wells Fargo are the lead underwriters for Lineage’s offering.
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