By Pragyan Kalita and Prakhar Srivastava
March 20 (Reuters) - Janus Living's shares rose 17.5% in their New York Stock Exchange debut on Friday, giving the U.S. seniors-focused real estate investment trust a valuation of $5.92 billion and marking a notable green shoot for the sector.
The shares opened at $23.50, above the offer price of $20. The Denver-based REIT raised $840 million in its upsized U.S. initial public offering on Thursday, after selling 42 million shares at the top end of its marketed
range of $18 to $20.
The U.S. IPO market has been uneven with market volatility leading to several listings being postponed or withdrawn, though investor appetite remains intact for companies insulated from AI disruption and less exposed to broader market swings.
Janus' debut reflects growing confidence in demographic-driven demand for senior housing in the U.S., particularly from the aging population.
"The Baby Boomer cohort is now entering prime senior housing years, turning a long-dated theme into a tangible earnings driver," Hoya Capital Chief Investment Officer David Auerbach said.
The company joined a group of publicly traded healthcare and senior housing REITs, including Ventas, Welltower and Brookdale Senior Living, spanning senior housing as well as medical offices and nursing facilities.
"REITs have spent the past several years in a capital-constrained environment. The fact that this deal is coming to market at all is notable and potentially signals early-stage normalization," Auerbach said.
Janus' minimal reliance on government reimbursement programs supports more stable and predictable cash flows, the company said in its prospectus.
It had net income of $6.4 million on revenue of $604 million in 2025, compared with net loss of $50.5 million on revenue of $568.5 million a year earlier.
Janus owns 34 senior housing communities across 10 states, primarily in Florida and Texas, and focuses on rental income from senior housing and growth driven by aging demographics.
The senior housing REIT spun off from Healthpeak earlier this year.
(Reporting by Pragyan Kalita and Prakhar Srivastava in Bengaluru; Editing by Shreya Biswas)
