Lineage, one of the largest cold storage and logistics companies in the world, has filed a registration statement to pursue an initial public offering (IPO).
The company announced in a release that it is planning to list its common stock on the Nasdaq Global Select Market under the ticker symbol “LINE.” The company added that there can be “no assurance” on when the offering will be completed or what the size of the offering will be. The company was formerly known as Lineage Logistics but rebranded as Lineage in April 2024.
Bloomberg first reported in September that Lineage was considering an IPO, and it later reported that the IPO could have a valuation of more than USD 30 billion (EUR 28 billion).
“We are fond of saying that our IPO is the opposite of an exit. It is a new beginning,” Lineage co-founders Adam Forste and Kevin Marchetti said in the Securities and Exchange Commission (SEC) filings made as the company pursues its IPO.
According to the co-founders, the company has a “considerable” amount of private capital from investors who plan to maintain their investments and is under no pressure to go public.
“Becoming a publicly traded company is a momentous decision and not without certain well-known considerations. However, we strongly believe the public market is the best way to deliver growth at scale by providing us with the advantages of a liquid currency and direct access to a lower cost of capital to further fuel our growth flywheel,” the founders wrote. “Moreover, we believe that if we can remain true to what has made us successful as a private company, we will be even more successful as a publicly traded one.”
The company has grown significantly since its founding in 2008, which the co-founders said began with a “small office on Battery Street in San Fransisco.”
“We were inspired by the type of business we would build, the people we would build it with, and the belief we would build it to last. Sixteen years later, Lineage has come a long way in achieving that vision,” they wrote.
In the SEC filings, Lineage revealed that it had revenue of USD 5.34 billion (EUR 4.98 billion) in FY2023, up from USD 4.93 billion (EUR 4.60 billion) in 2022. The company’s net income in FY2023 was a loss of USD 96.2 million (EUR 87.8 million), marking a drop from a loss of USD 76 million (EUR 71 million) in FY2022.
The company’s adjusted EBITDA reached USD 1.28 billion (EUR 1.19 billion) in FY2023, up from USD 1.07 billion (EUR 998 million) in FY2022.
The company has been expanding its facilities in both the U.S. and Europe. The company opened a new cold-storage facility in Denmark in March 2023, and in October 2023, the company acquired the assets of Burris Logistics, consisting of eight facilities across the eastern and western U.S., with facilities in Lakeland, Florida; Jacksonville, Florida; McDonough, Georgia; Edmond, Oklahoma; New Castle, Delaware; Waukesha, Wisconsin; and Federalsburg, Maryland.
Earlier this year, the company announced ...
