The largest US IPO since 2024: Lineage, a cold chain logistics giant, opened more than 5% higher on the first day of listing.

(REIT)Lineage, the world's leading real estate investment trust fund (REIT) with temperature control warehouse, with stock code "LINE", performed brilliantly in the initial public offering (IPO) of Nasdaq stock market, and its share price rose nearly 5.4% to $82.2 on the first day.

The IPO issued 57 million shares at a price of $78 per share, close to the upper limit of its target price range of $70 to $82, raising a total of $4.4 billion, and the company's valuation exceeded $18 billion. This marks the largest IPO since Arm Holdings, a chip design company, went public for $4.8 billion in September last year, raising more than twice as much as Viking Holdings, a cruise operator listed in May.

Lineage's success is partly due to its bold merger and acquisition strategy. Adam Forste, co-founder and co-executive chairman, said in a program:

"At first, we only had one warehouse, but through 116 mergers and acquisitions, we shaped today's Lineage."

"We bought their companies from many families and transferred their shares to Lineage. As part of the transaction, they are here to celebrate with us today. The company's name "Lineage" comes from the family warehouse network founded by him and co-founder Kevin Marchetti, which symbolizes a kind of inheritance and connection. "

In the past year alone, Lineage completed the acquisition of Grupo Fuentes, Burris Logistics, Kennedy Transportation and Harnes, especially the acquisition of Burris added eight new facilities to Lineage.

Lineage's facility network has now expanded to more than 480 cold storages with a total capacity of about 2.9 billion cubic feet, covering North America, Europe and Asia-Pacific region. This global network of cold chain facilities has effectively reduced the loss of food in the supply chain and its impact on the environment. Food loss occurs in every link of the supply chain. It is estimated that up to $600 billion worth of food is wasted during or after harvest every year, which accounts for 11% of the total global emissions and is one of the main environmental problems leading to climate change.

Morgan Stanley, Goldman Sachs, Bank of America, JPMorgan Chase and Wells Fargo are the lead underwriters of Lineage's listing.

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