(Bloomberg) -- Logistics giant Lineage is seeking to raise more than $3 billion in a US initial public offering, people familiar with the matter said, in what would be the largest listing this year.

The company may seek as much as $3.5 billion, some of the people said, asking not to be identified as the information isn’t public. Michigan-based Lineage could list as soon as in July, one of the people said.

The real estate investment trust is seeking a valuation of more than $30 billion in the IPO, and is working with Morgan Stanley and Goldman Sachs Group Inc. on the offering, Bloomberg News has reported.

Deliberations are ongoing and no final decisions on the size or timing of any listing have been made, the people said. Representatives for Lineage didn’t immediately respond to a request for comment.

A $3 billion first-time share sale would be the biggest since Arm Holdings Plc’s $5.2 billion US IPO in September. This year’s three largest listings have come from Europe, led by Puig Brands SA raising around $2.8 billion in a Madrid IPO that priced in April.

Lineage, led by Chief Executive Officer Greg Lehmkuhl and backed by investors including Bay Grove Capital, has more than 480 temperature-controlled storage facilities totaling 3 billion cubic feet of capacity in North America, Europe and Asia. The company’s closest rival, Atlanta-based Americold Realty Trust Inc., operates over 240 facilities, which account for about 1.5 billion cubic feet of storage.

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