- Cold storage leader Lineage just had the biggest IPO of 2024.
- It boasts a valuation of $19 billion, Bloomberg reported.
- Once obscure, cold storage has grown in demand in recent years.
Cold-storage leader Lineage just clinched the largest public offering of the year.
The Michigan-headquartered logistics giant sold 57 million shares Wednesday at $78 apiece, raising a total of $4.4 billion. It initially pegged share prices between $70 and $82.
Lineage — which has 480 warehouses across North America, Europe, and the APAC region — now boasts a market value of $19 billion, according to Bloomberg.
The outlet notes it's the biggest IPO since Arm Holdings went public in September 2023.
Lineage is now trading on the Nasdaq under the LINE symbol.
"Today marks a historic day for Lineage," president and CEO Greg Lehmkuhl told Business Insider in a statement, adding the company "started as one cold storage warehouse in Seattle in 2008 and has since grown to be the world's largest global temperature-controlled warehouse REIT."
Once obscure within the real estate market, cold storage has grown in demand due to the increased popularity of fresh foods and the antiquation of many older facilities.
Lineage has been on an acquisition spree for roughly a decade, and in 2021 purchased Crystal Creek Logistics as it entered the cold-shipped e-commerce market.
Lineage's massive IPO arrives amid a relatively quiet few years for public offerings — though the market has recently started to thaw amid the successful debuts this year of Reddit and Astera Labs.