Lineage IPO rises in busy day for stock debuts

By Steve Gelsi

Chilled-warehouse company's raises $4.4 billion in the largest IPO so far this year

Lineage Inc.'s initial public offering rose in its trading debut as it led a quartet of stock-market debuts on Thursday.

Lineage (LINE) priced its IPO at $78 a share late Wednesday, raising $4.4 billion in the largest IPO so far this year by dollars raised.

The stock opened at $82 a share, and was trading at $80.89 Thursday afternoon.

The price was on the higher end of the company's indicated range of $70 to $82. Lineage also raised the number of shares to sell from 47 million to 56.9 million.

The IPO is being underwritten by 28 banks, led by Morgan Stanley (MS), Goldman Sachs (GS), BofA Securities (BAC), JPMorgan (JPM) and Wells Fargo (WFC).

Michigan-based Lineage is the world's biggest temperature-controlled-warehouse real-estate investment trust and is the second REIT to go public since 2022, along with American Healthcare REIT (AHR), according to Renaissance Capital.

Lineage will be a controlled company once the deal closes, with Bay Grove Capital Group and affiliates retaining majority voting power.

Also on Thursday, Concentra Group Holdings Parent Inc. (CON) priced its IPO at $23.50 a share, toward the low end of its estimated price range of $23 to $26 a share.

The stock first traded at $22 a share and rose to $22.36, but remained below its $23.50 offering price.

With 22.5 million shares in the deal, Concentra raised about $529 million.

Founded in 1979, Concentra operates 547 stand-alone occupational-health centers and is the largest such provider in the U.S.

Concentra is a unit of Select Medical Holdings Corp. (SEM), which saw its stock rise 3.3% on Thursday.

In a third IPO, Chile's Latam Airlines Group (LTM) debuted its American depositary shares on the New York Stock Exchange. It priced 19 million shares at $24 a share for proceeds of $456 million.

The stock rose 5.8% to $25.39 in recent trading.

Also on Thursday, audio-production-software company BloomZ Inc. (BLMZ) priced 1.25 million shares at $4.30 a share for proceeds of $5.4 million. The stock opened at $2.48 a share and rose to $2.78 a share.

On Wednesday, OneStream Inc.'s stock (OS) rose to $26.85 a share after the company priced 24.5 million shares at $20 in its IPO. In its second day of trading, OneStream dipped 4% to $25.72.

Mike Murphy and Ciara Linnane contributed.

-Steve Gelsi

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07-25-24 1331ET

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