Lineage Logistics, a major player in the cold storage and logistics industry, is reportedly aiming for a valuation of over $30 billion in its upcoming initial public offering (IPO).
The firm and its advisers are engaged in discussions with potential investors to garner support for the IPO, which is expected to take place in the first half of 2024, Bloomberg reported Tuesday (Nov. 28), citing unnamed sources. No final decisions have been made about the size or timing of a potential listing.
Lineage Logistics did not immediately reply to PYMNTS’ request for comment.
Goldman Sachs Group has been chosen as one of the lead banks, alongside Morgan Stanley, to assist in preparing the offering, according to the report. Headquartered in Novi, Michigan, Lineage Logistics is supported by Bay Grove Capital and helmed by CEO Greg Lehmkuhl.
With a presence in North America, Europe and Asia, Lineage Logistics operates more than 400 temperature-controlled storage facilities, boasting a total capacity of over 2 billion cubic feet, the report said.
Its closest competitor, Americold Realty Trust, operates around 240 facilities with approximately 1.5 billion cubic feet of storage, per the report.
Lineage Logistics’ potential IPO is part of a growing trend of high-profile debuts anticipated in 2024, according to the report. Notable companies that are reportedly planning to go public include social media platform Reddit, fashion retail giant Shein, Kim Kardashian’s Skims, and Microsoft-backed cloud and data security startup Rubrik.
Although the IPO market in the United States has faced challenges recently, with volatile markets and lackluster performance of some high-profile debuts, some companies are now eyeing the first quarter of next year for their IPOs as they hope for a more stable market at that time.
Bloomberg reported Monday (Nov. 27) that Reddit is in talks with potential investors for its IPO. Reached by PYMNTS, a Reddit spokesperson declined to comment on the report, citing a “quiet period.”
Similarly, a Shein spokesperson declined to comment on a report that it has confidentially filed to go public in the United States. The Wall Street Journal reported Monday that the company had done so and that it could be one of the biggest IPOs in recent years.