Updated Monday, 3/16.
A REIT and a tungsten miner are set to test the IPO market in the week ahead, as ongoing geopolitical uncertainties continue to rattle investors. Some smaller issuers may also join the calendar throughout the week.
Janus Living (JAN) plans to raise $703 million at a $4.8 billion market cap, with cornerstone investors indicating on $300 million of the offering (43% of the deal). Being carved out of Healthpeak Properties, this senior housing REIT owns 34 senior living communities across 10 states, primarily in Florida and Texas. The company is poised to benefit from tailwinds like the aging population in its core markets, though these markets also expose it to climate issues.
Guardian Metal Resources (GMTL) plans to raise $50 million at a $637 million market cap. Guardian is an exploration-stage mining company focused on tungsten and other minerals in Nevada. Its main projects are the Pilot Mountain and Tempiute tungsten properties, both located in historic mining districts with prior third-party production. The company is still early stage and likely won't begin production for several years.
| U.S. IPO Calendar | |||
|---|---|---|---|
| Issuer Business | Deal Size Market Cap | Price Range Shares Filed | Top Bookrunners |
| Guardian Metal Resources (GMTL) London, United Kingdom | $50M $637M | $16.35 3,058,100 | BMO Cantor Fitz. |
| Tungsten-focused exploration-stage mining company with projects in Nevada. | |||
| Janus Living (JAN) Denver, CO | $703M $4,794M | $18 - $20 37,000,000 | BofA JP Morgan |
| Senior housing REIT being carved out of Healthpeak Properties. | |||
Street research is expected for one company in the week ahead, and three lock-up periods will be expiring. For access to Street research and lock-up expiration dates, sign up for a free trial of IPO Pro.
IPO Market Snapshot
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. As of 3/12/2026, the Renaissance IPO Index was down 6.9% year-to-date, while the S&P 500 was down 2.3%. Renaissance Capital’s IPO ETF (NYSE: IPO) tracks the index, and top ETF holdings include Kenvue (KVUE) and CoreWeave (CRWV). The Renaissance International IPO Index was up 11.0% year-to-date, while the ACWX was up 3.4%. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and top ETF holdings include Kioxia and JX Advanced Metals.
