This week was slated to be the largest dollar volume week for US IPOs thus far in 2024, and the top public market debutants did not disappoint. Cold storage giant Lineage raised more than $4.4 billion, compounded by the $490 million sale of OneStream shares. The latter offering was the first IPO of a US fintech since 2021 and a key PE-backed listing that could set the tone for more down the line. Further, cybersecurity startup Wiz spurned a potential $23 billion acquisition offer from Alphabet, returning to its original plans to stay independent and eventually file for a massive IPO.
Related ETF: Renaissance IPO ETF (IPO)
A slate of 12 IPOs listing on the NYSE and Nasdaq sought to raise a combined $5.1 billion this week, the most of any week thus far in 2024. If realized, that sum would trail 2023’s largest weekly haul at $5.9 billion – anchored by the listing of Arm Holdings PLC – but it still indicates that a gradual revival in initial offerings remains ongoing.
This week’s lineup of public market debutants is headlined by Lineage, the world’s largest operator of cold-storage warehouses, Lineage. Raising more than $4.4 billion, well-above an expected $3.9 billion, makes the company’s IPO the year’s single largest thus far. Lineage priced nearly 57 million shares at $78 apiece (the upper end of its previously indicated range of $70 to $82), which values the company at more than $18 billion. The tally of funds raised did fall short of the proceeds earned by Arm’s aforementioned $4.9 billion listing in September 2023. Lineage will…
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