Healthpeak Properties, Inc. and Janus Living, Inc. have announced the start of an initial public offering (IPO) for Janus Living. The company has filed a registration statement on Form S-11 with the Securities and Exchange Commission to offer 37,000,000 shares of Class A-1 common stock. Analysts expect the starting price for these shares to fall between $18.00 and $20.00. The firm has applied to list its stock on the New York Stock Exchange using the ticker symbol JAN.

Janus Living intends to use the capital raised from the offering to fund new acquisition and investment opportunities that align with its specific criteria. Some of the net proceeds will also be allocated toward general corporate activities. Underwriters have been offered a 30-day window to buy up to 5,550,000 extra shares to cover any overallotments. Once the IPO is finalised, Healthpeak Properties will retain a combined total of roughly 214,734,000 shares and units. This gives Healthpeak an 85.3 per cent economic interest in Janus Living, which could adjust to 83.4 per cent if the underwriters use their full purchase option.

BofA Securities and J.P. Morgan are the lead book-running managers for the transaction. A wide range of other financial institutions, including Wells Fargo Securities, Goldman Sachs and Morgan Stanley, are also acting as bookrunners. The group of co-managers includes names such as Barclays, RBC Capital Markets and BNP PARIBAS. While the registration statement has been filed, it is not yet effective. Consequently, these securities cannot be sold or accepted for purchase until the SEC makes a final declaration.

This press release does not serve as a formal offer to sell or a solicitation to buy. The official offering will only be conducted through a prospectus. Interested parties can request copies of the preliminary prospectus from the equity departments of BofA Securities or J.P. Morgan Securities LLC. The announcement follows a period of preparation as the company seeks to establish itself as an independent public entity while maintaining strong ties to its parent organisation.