Janus Living, Inc. has set the terms for its initial public offering, offering 42 million shares of Class A-1 common stock at $20.00 per share, which will generate $840 million in gross proceeds at that price, according to a joint statement by Healthpeak Properties, Inc. and Janus Living.
The underwriters were granted a 30-day option to buy up to an additional 6.3 million shares at the IPO price less the underwriting discount. Janus Living’s Class A-1 common stock is expected to commence trading on the New York Stock Exchange on March 20, 2026 under the ticker symbol "JAN." The offering is expected to close on March 23, 2026, subject to customary closing conditions.
Janus Living indicated it intends to deploy net proceeds from the offering to pursue acquisition and investment opportunities that align with its stated investment criteria, in addition to using funds for general corporate purposes.
Following completion of the IPO, Healthpeak Properties will hold approximately 214.7 million shares of Janus Living common stock, representing roughly 83.6% of the voting interest in the company. If the underwriters exercise their option in full, Healthpeak’s voting interest would be reduced to approximately 81.6%.
BofA Securities and J.P. Morgan are serving as the lead book-running managers for the offering. The syndicate of bookrunners includes Wells Fargo Securities, Barclays, Goldman Sachs & Co. LLC, RBC Capital Markets and Morgan Stanley.
Healthpeak Properties is identified in the statement as a real estate investment trust focused on healthcare-related properties and is an S&P 500 company. Janus Living is described as a senior housing REIT that owns communities across the United States.
Context and implications
The IPO formalizes Janus Living’s access to public equity capital and leaves Healthpeak as the controlling shareholder. The structure retains concentrated voting control while providing Janus Living with capital that company management says will be used to execute on acquisition and investment opportunities and for ongoing corporate needs.
Market participants will see the new listing on the NYSE under the symbol JAN beginning March 20, 2026, if the timing proceeds as announced, with the public offering expected to close three days later on March 23, 2026.