AmeriCold initiates IPO

AmeriCold Realty Trust late last week announced that it is trying raise USD 690 million through an initial public offering.

The Atlanta-based cold-storage provider is offering 43 million common shares, with the option to add 6.45 million shares, at USD 0.01 per share. The initial public offering price is expected to be between USD 14 and USD 16 per share. The shares have been approved for listing on the New York Stock Exchange under the ticker symbol ACRE.

AmeriCold plans to use part of the proceeds to finance the acquisition of rival cold-storage provider Versacold International Corp. of Vancouver, British Columbia, which operates 123 warehouses in the United States, Australia, New Zealand and Argentina.

The purchase would increase AmeriCold’s portfolio to 175 temperature-controlled warehouses, most of which are located in the United States.

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