Cold-Storage Company that Moved to Michigan From California Just Did 2024’s Biggest IPO
July 29, 2024 | 1 min to read
A Novi-based cold storage company, Lineage, recently achieved a significant milestone by completing the largest initial public offering of the year, raising approximately $4.4 billion by selling nearly 57 million shares at $78 each. This real estate investment trust specializes in temperature-controlled warehouses for food storage and boasts the largest global network based on capacity. The stock closed at $80.78, reflecting strong market interest.
A Novi-based cold storage company that relocated from California seven years ago just completed the biggest initial public offering on the stock market so far this year.
Lineage is a real estate investment trust, or REIT, that operates temperature-controlled warehouses for storing food in the U.S. and some worldwide markets. It says it posesses the largest network of such warehouses in the world, based on capacity.
The company announced that it sold nearly 57 million shares at $78 a piece, raising about $4.4 billion in its IPO Thursday on the Nasdaq exchange. Lineage initially set out to raise between $3.4-$3.9 billion. The stock closed up $2.78 to $80.78.
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