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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