(Reuters) - Cold storage real estate investment trust Lineage Inc ( LINE ) is cutting staff after a blockbuster initial stock offering in the U.S. last year, the Wall Street Journal reported on Tuesday, citing a company statement.

The Novi, Michigan-based company did not disclose the number of jobs or types of roles affected by the layoffs, according to the report.

"As part of a comprehensive review of our operations, we have made the difficult decision to reduce certain positions within the company," Lineage said in a statement to Reuters and added that this move was needed for "long-term success and adaptability".

Lineage, backed by private equity firm Bay Grove Capital, debuted last July at $82 per share, above the offer price of $78 apiece, giving the company a valuation of $19.2 billion.

It had raised $4.45 billion in its U.S. initial public offering, making it the biggest stock market debut globally in 2024.

The company works with food and beverage companies such as Kraft Heinz ( KHC ), Darden Restaurants ( DRI ) and Walmart ( WMT ) for the storage, handling and movement of frozen and perishable food around the world.