NEW YORK, July 24 (Reuters) - Lineage, the

world's largest operator of cold-storage warehouses, raised

$4.44 billion in its U.S. initial public offering, setting it up

for the biggest stock market debut globally this year, the

company said on Wednesday.

The Novi, Michigan-headquartered company priced just under

57 million shares in New York at $78 apiece, the upper end of

its previously indicated range of $70 to $82.

Earlier in the day, Reuters exclusively reported the

pricing of the IPO, citing sources, and said that Lineage had

initially planned to sell 47 million shares and sold more

because of strong demand.

The $4.44 billion IPO values Lineage at more than $18

billion and is the biggest since chip designer Arm's

$4.87 billion offering last September. Its shares will begin

trading on Nasdaq on Thursday.

Investors see Lineage as a bellwether for the wider IPO

market. Some companies that were tempted to list by the stock

market hovering near record highs have seen their shares

subsequently trade poorly, as investors sour on the frothy

valuations. This has put off many IPO hopefuls from following

suit.

IPOs globally totaled $48.8 billion during the first half of

2024, a decrease of 18% compared to year earlier and their

lowest level for the period since 2016, according to LSEG data.

Proceeds for U.S. IPOs totaled $17 billion, however, more than

double year-earlier levels and a three-year high.

In a sign of improved IPO market sentiment, shares of

OneStream, a financial software maker backed by private equity

firm KKR, ended their first session of trading on

Wednesday at $26.85 after pricing at $20 in their IPO.

Lineage specializes in temperature-controlled

warehouses, operating 482 of them across the world and serving

more than 13,000 customers, many of them involved in the food

supply chain as distributors, retailers and manufacturers.

Private equity executives Adam Forste and Kevin

Marchetti launched the business as one warehouse in Seattle in

2008. They have since grown it through 116 acquisitions,

generating $5.3 billion in revenue in 2023. Forste and

Marchetti's firm, Bay Grove Capital, owns most of Lineage.

Lineage is structured as a real estate investment trust,

which allows shareholders to deduct some of the taxes they pay

on their dividends. The company has been using its cash flow for

acquisitions and investments in its business, posting a net loss

of $162.8 million for the 12 months to the end of March.