Americold Realty Trust, a REIT with the top global share in temperature-controlled storage, filed on Tuesday with the SEC to raise up to $10 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $500 million or more.
The Atlanta, GA-based company was founded in 1910 and booked $1.5 billion in revenue for the 12 months ended September 30, 2017. It plans to list on the NYSE under the symbol COLD. BofA Merrill Lynch, J.P. Morgan and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
