BENGALURU: Janus Living made its filing for a U.S. IPO public on Friday, as the real estate investment trust looked to tap into demand for sectors that are insulated from AI-led disruptions.
Several companies have downsized, postponed or pulled their U.S. initial public offerings this year as investor anxiety deepened after a flurry of AI model upgrades sent fresh bouts of volatility through the market.
Analysts now expect AI-resistant themes to drive the IPO market in the near term.
“Right now investors are interested in companies that are insulted from AI disruption,” said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.
“We expect to see more ‘real economy’ companies go public, in areas like industrials, consumer, energy transition, and real estate. We’ve seen a steady stream of biotechs. A number of banks are exploring 2026 IPOs as well.”
Momentum in the IPO market is set to build in the weeks ahead as listings recover from February’s seasonal lull, even as analysts are tempering expectations amid AI jitters.
Denver, Colorado-based Janus Living owns 34 senior housing communities, with more than 10,000 units located mainly in major retirement markets across 10 U.S. states. The assets in Florida and Texas represent 69% of its total portfolio.
“There is demand for companies that can convincingly grow dividends over the long term, and senior housing fits that description. Certainly not much concern of AI disruption there,” Kennedy said.
Janus Living-parent Healthpeak Properties had said earlier this year it would carve out its senior housing portfolio into a separate publicly traded REIT.
Public markets struggled to fully value its senior housing portfolio given its relative scale within the broader company, Healthpeak had said at the time.
BofA Securities and J.P. Morgan are the lead book-running managers. Janus Living aims to list on the New York Stock Exchange under the symbol “JAN”.
