April 21 (Reuters) – National Healthcare Properties raised $462 million in its U.S. initial public offering on Tuesday, becoming the latest real estate investment trust looking to capitalize on growing demand for senior housing and healthcare properties.
The firm sold 38.5 million shares at $12 apiece, below the marketed range of between $13 and $16 a share.
The market for new listings is gathering steam after a brief pause in March, when uncertainty stemming from the Iran war prompted a wait-and-see approach from issuers.
The offering comes at a time of increasing market caution and volatility, with the attention on AI-threatened software stocks souring appetite and shifting focus to more resilient sectors.
The launch follows the successful listing of Janus Living, another senior housing REIT that raised $840 million in its IPO.
New York-based National Healthcare Properties invests in senior housing and outpatient medical facilities, positioning itself to benefit from demand driven by an aging U.S. population.
The company had 167 properties with over 3,600 senior housing units across 29 U.S. states as of the end of 2025, according to its website.
Wells Fargo Securities, Morgan Stanley and BMO Capital Markets were the lead book-running managers for the offering.
The company is expected to start trading on the Nasdaq under the ticker “NHP” on Wednesday.
(Reporting by Utkarsh Shetti and Arasu Kannagi Basil in Bengaluru; Editing by Pooja Desai)
