The largest IPO of the year is coming for the US stock market! The market value of cold chain logistics giant Lineage (LINE.US) is expected to reach $19 billion.

Focused on temperature-controlled warehousing transportation and cold chain logistics, CareTrust REIT Inc (REIT) Lineage Inc. strives to raise approximately $4.4 billion through an expanded initial public offering (IPO), which will make Lineage the largest IPO in the US stock market this year with a potential market value of $19 billion. According to a recent statement, based in Novi, Michigan, CareTrust REIT IncLineage sold nearly 57 million shares at $78 per share on Wednesday, close to the top end of the price range, confirming earlier media reports. Based on documents from the US Securities and Exchange Commission website, Lineage's IPO total market value is approximately $19 billion based on its total issued shares and the latest fundraising amount. Supported by Bay Grove Capital, this large-scale IPO by CareTrust REIT Inc is the largest IPO in the US since the successful listing of ARM Holdings Plc (ARM.US), a leader in chip design, in September last year, as well as a rare large-scale IPO in the relatively quiet summer market. Data compiled by institutions show that, except for a few companies that raised over $1 billion on the US stock exchange during the COVID-19 pandemic global monetary easing periods in 2020 and 2021, only three companies in the past decade have raised over $1 billion in July. According to the latest IPO documents, Norway's $1.7 trillion sovereign wealth fund has expressed interest in purchasing up to $900 million worth of Lineage shares at the IPO price. The listing of Lineage is a very positive development for the 20 underwriters and other financial institutions listed in their application. Data compiled by institutions show that the number of IPOs in the US has rapidly recovered this year from a relatively quiet period, with the total fundraising of all IPO companies exceeding $22 billion. This is nearly two-thirds higher than the same period last year, but still lower than the average level of the previous decade before the COVID-19 pandemic. A significant rebound in Wall Street financial activities can be seen in the financial reports of top investment bank Morgan Stanley, especially driven by the AI boom in tech company listings and interest rate cut expectations. Morgan Stanley's fixed income underwriting business and IPO underwriting business significantly recovered in 2024, with a net profit increase of about 41% compared to the same period last year, reaching $3.08 billion, or $1.82 per share. Morgan Stanley's Q2 institutional securities department revenue reached $7 billion, up from about $5.7 billion in the same period last year; among them, the investment banking revenue, which significantly contributed to the growth of the business segment's revenue, soared by approximately 51% to $1.62 billion, exceeding expectations by about $220 million, mainly due to the significant increase in fixed income underwriting activities and AI-related company IPO sizes. Other companies that went public in the US this week include software company OneStream Inc, invested by investment giant KKR & Co., which raised approximately $490 million in its IPO on Tuesday and surged over 34% on its first day of trading, currently with a market value of $4.2 billion. According to IPO registration documents, as of March 31, Lineage, led by CEO Greg Lehmkuhl, owns a total of 482 large warehouses in 19 countries, with a capacity of approximately 3 billion cubic feet. Bay Grove will continue to hold a majority of voting rights after the IPO. According to the documents, the company's revenue in 2023 is expected to reach $5.3 billion, with historical net losses of $96.2 million, compared to $4.9 billion in revenue and net losses of $76 million in the previous year. The joint lead underwriters for Lineage's large IPO include Morgan Stanley, Goldman Sachs Group, Inc., Bank of America Corp, J.P. Morgan, and Wells Fargo & Company. KKR is its chief financial advisor. Lineage is expected to start trading on the Nasdaq Global Select Market with the stock code "LINE" on Thursday.