Cold storage REIT Lineage aims to raise up to $3.85 bln in US IPO (updated)

Lineage

16/07/2024 12:15

(Adds details throughout)
       July 16 (Reuters) - Cold storage giant Lineage said on
Tuesday it is seeking to raise up to $3.85 billion in its
initial public offering in the United States.
    The real estate investment trust, backed by private equity
firm Bay Grove Capital, is offering 47 million shares at a price
range of $70 and $82 each.
    The U.S. IPO market is on a rebound this year, after a
global slowdown in 2022 and 2023 due to rising interest rates
and geopolitical turmoil, as rising hopes of a soft landing for
the economy encourage companies to move ahead with their
listings.
    Lineage will list on the Nasdaq Global Select Market under
the symbol "LINE".
    The offering is being underwritten by a syndicate of more
than 20 Wall Street banks led by Morgan Stanley, Goldman Sachs,
BofA Securities, J.P. Morgan Securities and Wells Fargo
Securities.
    KKR Capital Markets is acting as the lead financial adviser
for the offering.
    
    

 (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by
Shinjini Ganguli)
 ((ArasuKannagi.Basil@thomsonreuters.com;))