(Bloomberg) -- Temperature-controlled storage and logistics giant Lineage Inc. filed for an initial public offering, as the recovery in the market for new listings gains steam.

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The real estate investment trust is working with KKR & Co. as its lead financial adviser and named 20 underwriters as well as other financial institutions in its filing Wednesday with the US Securities and Exchange Commission. The company won’t disclose terms of the proposed share sale until a subsequent filing.

Novi, Michigan-based Lineage is seeking to raise more than $3 billion in the IPO, Bloomberg News has reported, in what would be the largest first-time share sale this year. It may target a valuation of more than $30 billion, people familiar with the matter have said.

US IPO volume has recovered in the first six months of this year from a relatively quiet period, with companies raising about $20 billion. That’s the best start to a year since 2021, data compiled by Bloomberg show.

Lineage, led by Chief Executive Officer Greg Lehmkuhl and backed by Bay Grove Capital, has 482 warehouses with 3 billion cubic feet of capacity as of March 31, the filing shows. Bay Grove will continue to have a majority of the voting power following the IPO.

The company had a historical net loss of $96.2 million on revenue of $5.3 billion in 2023, compared with a net loss of $76 million on revenue of $4.9 billion a year earlier, according to the filing.

The joint bookrunning managers include Morgan Stanley, Goldman Sachs Group Inc., Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. Lineage plans for its shares to trade on the Nasdaq Global Select Market under the symbol LINE.

--With assistance from Michael Hytha and Gillian Tan.

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