Janus Living set for New York debut after upsized $840 million IPO

Senior housing real estate investment trust Janus Living JAN.N set for New York Stock Exchange debut later on Friday under ticker symbol “JAN”

JAN sold 42 million shares in an upsized IPO at $20 apiece to raise $840 million

It had initially marketed 37 million shares priced between $18 and $20 apiece

Analysts had expected JAN to benefit from being a REIT, which tends to have a dedicated pool of investors less concerned with day-to-day fluctuations of global markets

"They also tend to be yield investors, buying the asset for an attractive dividend rather than hoping for a huge aftermarket bounce," said Samuel Kerr, global head of equity capital markets at Mergermarket

"This may help it (Janus) ride any market volatility, although there is never any guarantee of success when markets are as volatile as they are now"

BofA Securities and J.P. Morgan acted as lead book-running managers for offering