Temperature-controlled storage and logistics company Lineage Inc. filed for an initial public offering (IPO), the latest REIT to join the public equities market.

What Happened: Crain’s Detroit Business reported the filing on Thursday.

The Novi, Michigan-based company is seeking $3 billion in the IPO and a valuation upwards of $30 billion. Renaissance Capital estimated the company could raise about $3.5 billion through the IPO.

Lineage has 482 warehouses in operation totaling 3 billion cubic feet of capacity as of late March. The company reported revenue of $5.3 billion and a net loss of $96.2 million in 2023.

The company was taken over by San Francisco private equity firm Bay Grove Capital in 2008.

Why it Matters: The real estate market as a whole has underperformed the market in 2024. The Real Estate Select Sector SPDR Fund ( XLRE ) is down over 6% year-to-date.

Americold Realty Trust ( COLD ) is the largest publicly traded, American competitor. The Atlanta-based company specializes in temperature-controlled warehouses and logistics.

Next Steps: The timing of the IPO and price range for share offerings is yet to be determined, according to the company. Lineage has opted to use KKR & Co ( KKR ) to advise the IPO.

Lineage’s shares will be traded under the symbol LINE on the Nasdaq.

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