(Reuters) – Cold storage real estate investment trust Lineage’s shares gained 5% in their Nasdaq debut on Thursday, signaling investor enthusiasm for fresh stocks.
Investors have showed a renewed interest for fresh listing in 2024 on hopes of a soft landing for the economy, after the U.S. IPO market remained subdued for over two years due to geopolitical tensions and high borrowing rates.
Companies like cancer drug developer CG Oncology received a warm welcome on its debut, and its shares trade nearly 75% above their IPO price as of Wednesday’s close.
The REIT, backed by private equity firm Bay Grove Capital, debuted at $82, above the offer price of $78 apiece, giving the company a valuation of $19.2 billion.
(Reporting by Pritam Biswas in Bengaluru; Editing by Shailesh Kuber and Maju Samuel)
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