The company, which has historically raised capital from private investors, described going public as a “new beginning.” IPO proceeds will mostly be used to repay debt, according to filings.
“Becoming a publicly traded company is a momentous decision and not without certain well-known considerations,” Lineage founders Adam Forste and Kevin Marchetti said in a letter to investors published with the company’s registration statement. “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.”
Lineage Launches Potential $3.6B IPO : Investor Interest
Sovereign wealth fund Norges Bank Investment Management has indicated interest in buying shares totaling $900 million to support Lineage’s IPO, according to securities filings. Private equity firm Bay Grove Capital, Lineage’s controlling shareholder, will continue to own a majority of the REIT’s voting power after the IPO, filings show.
The Growing IPO Pipeline
Lineage joins an IPO pipeline that is building up for the remainder of July. Occupational health services provider Concentra Group Holdings Parent Inc. and financial software OneStream Inc. on Monday launched plans for listings that will go to market next week.
