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 soft-landing for the

economy encourage companies to move ahead with their listings.

Lineage's story began in late-2008 with the acquisition of a

cold storage warehouse, Seafreeze, in Seattle.

Since then, it has grown to be the world's largest

temperature-controlled warehouse operator with 116 acquisitions

globally.

The Novi, Michigan-based 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 Securities and Wells Fargo

Securities.

KKR Capital Markets is acting as the lead financial adviser

for the offering.