US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Janus Living Inc priced at the high-end of its range and rose 18% on debut, closing at $23.60 after opening at $23.50.</li>
<li>Deal was double-digit oversubscribed, with concentrated allocations to top investors and strong participation from REIT-focused, long-only accounts.</li>
<li>Unique 100% RIDEA structure and senior housing focus drove strong demand amid favorable demographic trends and discounted valuation versus peers.</li>
</ul>


Janus Living Inc priced at the high-end of its range and rose 18% on debut, closing at $23.60 after opening at $23.50.
Deal was double-digit oversubscribed, with concentrated allocations to top investors and strong participation from REIT-focused, long-only accounts.
Unique 100% RIDEA structure and senior housing focus drove strong demand amid favorable demographic trends and discounted valuation versus peers.


Janus Living Inc (JAN): Senior Housing REIT Janus Living Shines in Solo IPO Week

<ul>
<li>Janus Living Inc is a unique, pure-play senior housing REIT with 100% RIDEA exposure, launching a $4.5B–$5.0B IPO with strong institutional demand.</li>
<li>Cornerstone investors, including CenterSquare Investment Management and PGIM, anchor over 40% of the deal.</li>
<li>Portfolio includes 34 communities (10,422 units), with significant exposure to life plan communities offering stable occupancy and predictable long-term cash flows.</li>
</ul>


Janus Living Inc is a unique, pure-play senior housing REIT with 100% RIDEA exposure, launching a $4.5B–$5.0B IPO with strong institutional demand.
Cornerstone investors, including CenterSquare Investment Management and PGIM, anchor over 40% of the deal.
Portfolio includes 34 communities (10,422 units), with significant exposure to life plan communities offering stable occupancy and predictable long-term cash flows.


Janus Living Inc (JAN): A Pure-Play IPO on Senior Housing Draws Strong Demand, Attractive Valuation

Get Ahead with IPO Insights, IPO Prophet

IPO Prophet

Get Ahead with IPO Insights

At IPO Prophet®, our team leverages over three decades of expertise to deliver actionable quantitative analytics for the IPO market in real-time. This platform synthesizes our extensive experience investing in IPOs, providing investors with revolutionary tools to navigate the complexities of issuance day. Our mission is to empower investors with data-driven insights to make more informed decisions.

<ul><li>✅ IPO PROPHET RATING: 7.38/10 🏦 Deal Quality &amp; Underwriters: 7.9/10 Janus Living is preparing to list on the NYSE with approximately 37 million shares at $18–$20, raising roughly $740 million at the midpoint.</li><li>The company is structured as a senior housing REIT with a portfolio concentrated in high-demand retirement markets.</li><li>While the long-term demographic story remains strong, the updated rating reflects a more cautious near-term view driven by macro conditions, interest rate sensitivity, and investor selectivity toward real estate offerings.</li></ul>

✅ IPO PROPHET RATING: 7.38/10 🏦 Deal Quality &amp; Underwriters: 7.9/10 Janus Living is preparing to list on the NYSE with approximately 37 million shares at $18–$20, raising roughly $740 million at the midpoint.The company is structured as a senior housing REIT with a portfolio concentrated in high-demand retirement markets.While the long-term demographic story remains strong, the updated rating reflects a more cautious near-term view driven by macro conditions, interest rate sensitivity, and investor selectivity toward real estate offerings.

<ul><li>Janus Living has launched its initial public offering, offering 37.0 million shares of Class A-1 common stock at a price range of $18.00 to $20.00 per share .</li><li>At the midpoint price of $19.00 , the offering would raise approximately $703 million and imply a market capitalization of roughly $3.3 billion .</li><li>The company has applied to list on the New York Stock Exchange under the ticker “JAN.” The IPO is being led by BofA Securities and J.P.</li></ul>

Janus Living has launched its initial public offering, offering 37.0 million shares of Class A-1 common stock at a price range of $18.00 to $20.00 per share .At the midpoint price of $19.00 , the offering would raise approximately $703 million and imply a market capitalization of roughly $3.3 billion .The company has applied to list on the New York Stock Exchange under the ticker “JAN.” The IPO is being led by BofA Securities and J.P.

Janus Living Launches IPO as Healthpeak-Backed Senior Housing Platform Targets NYSE Listing

<ul>
<li>Janus Living Inc aims to be the only U.S. publicly traded REIT focused solely on senior housing, launching a $4.5B–$5.0B IPO and debuting the same week.</li>
<li>Cornerstone investors including CenterSquare Investment Management, DWS Group, MFS Investment Management, and PGIM may purchase up to $300M (~40% of the deal).</li>
<li>Portfolio includes 34 senior housing communities (10,422 units), primarily in Florida and Texas, with a projected ~3.0% annualized dividend yield at the midpoint price.</li>
</ul>


Janus Living Inc aims to be the only U.S. publicly traded REIT focused solely on senior housing, launching a $4.5B–$5.0B IPO and debuting the same week.
Cornerstone investors including CenterSquare Investment Management, DWS Group, MFS Investment Management, and PGIM may purchase up to $300M (~40% of the deal).
Portfolio includes 34 senior housing communities (10,422 units), primarily in Florida and Texas, with a projected ~3.0% annualized dividend yield at the midpoint price.


Janus Living Inc. (JAN): Senior Housing Sector REITs Sets Terms for IPO

United States

Janus Living, Inc. is a newly formed, specialized senior housing real estate investment trust (REIT) spun off from Healthpeak Properties in early 2026 to focus on high-growth, RIDEA-structured senior housing properties.

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Janus Living (JAN US)

Janus Living Inc (JAN): Senior Housing REIT Janus Living Shines in Solo IPO Week

Janus Living Inc's successful IPO, priced at the high-end, saw an 18% rise on debut with strong demand due to its unique structure and focus on...

IPO Boutique

Janus Living Inc (JAN): A Pure-Play IPO on Senior Housing Draws Strong Demand, Attractive Valuation

Janus Living Inc, a senior housing REIT, anchored by cornerstone investors CenterSquare Investment Management and PGIM, offering stable occupancy...

IPO Boutique

IPO Rating: Janus Living Inc.

✅ IPO PROPHET RATING: 7.38/10 🏦 Deal Quality & Underwriters: 7.9/10 Janus Living is preparing to list on the NYSE with approximately 37...

IPO Prophet

Janus Living Launches IPO as Healthpeak-Backed Senior Housing Platform Targets NYSE Listing

Janus Living has launched its initial public offering, offering 37.0 million shares of Class A-1 common stock at a price range of $18.00 to $20.00...

IPO Prophet

Janus Living Inc. (JAN): Senior Housing Sector REITs Sets Terms for IPO

Janus Living is set to become the first U.S. publicly traded REIT focused on senior housing with a $4.5B-$5.0B IPO, attracting major investors and...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

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Janus Living Inc (JAN): Senior Housing REIT Janus Living Shines in Solo IPO Week

​Janus Living Inc's successful IPO, priced at the high-end, saw an 18% rise on debut with strong demand due to its unique structure and focus on...

IPO Boutique

Janus Living Inc (JAN): A Pure-Play IPO on Senior Housing Draws Strong Demand, Attractive Valuation

​Janus Living Inc, a senior housing REIT, anchored by cornerstone investors CenterSquare Investment Management and PGIM, offering stable occupancy...

IPO Boutique

IPO Rating: Janus Living Inc.

✅ IPO PROPHET RATING: 7.38/10 🏦 Deal Quality & Underwriters: 7.9/10 Janus Living is preparing to list on the NYSE with approximately 37...

IPO Prophet

Janus Living Launches IPO as Healthpeak-Backed Senior Housing Platform Targets NYSE Listing

Janus Living has launched its initial public offering, offering 37.0 million shares of Class A-1 common stock at a price range of $18.00 to $20.00...

IPO Prophet

Janus Living Inc. (JAN): Senior Housing Sector REITs Sets Terms for IPO

​Janus Living is set to become the first U.S. publicly traded REIT focused on senior housing with a $4.5B-$5.0B IPO, attracting major investors and...

IPO Boutique

Janus Living Inc's successful IPO, priced at the high-end, saw an 18% rise on debut with strong demand due to its unique structure and focus on...

Janus Living Inc, a senior housing REIT, anchored by cornerstone investors CenterSquare Investment Management and PGIM, offering stable occupancy...

Janus Living is set to become the first U.S. publicly traded REIT focused on senior housing with a $4.5B-$5.0B IPO, attracting major investors and...