July 16 Reuters Cold storage real estate investment trust Lineage said on Tuesday it was targeting a valuation of up to 19.16 billion in its initial public offering in the United States.

The REIT, backed by private equity firm Bay Grove Capital, is aiming to raise up to 3.85 billion by offering 47 million shares at a price range of 70 and 82 each.

After a global slowdown in 2022 and 2023 due to rising interest rates and geopolitical turmoil, the U.S. IPO market is on a rebound this year as rising hopes of a softlanding for the economy encourage companies to move ahead with their listings.

Lineage39;s story began in late2008 with the acquisition of a cold storage warehouse, Seafreeze, in Seattle.

Since then, it has grown to be the world39;s largest temperaturecontrolled warehouse operator with 116 acquisitions globally.

The Novi, Michiganbased company has 482 warehouses spanning 3 billion cubic feet of capacity across North America, Europe and Asia Pacific. It works with food and beverage companies for the storage, handling and movement of frozen and perishable food around the world.

Lineage will list on the Nasdaq Global Select Market under the symbol LINE.

Sovereign wealth fund Norges Bank Investment Management has indicated an interest in purchasing up to 900 million worth of shares sold in the offering.

The offering is being underwritten by a group of more than 20 Wall Street banks, including Morgan Stanley, Goldman Sachs, BofA Securities, J.P. Morgan…