National Healthcare Properties Inc. completed its US initial public offering, raising $462 million. The real estate investment trust, which specializes in healthcare-related properties, priced the offering below its originally marketed range, according to Bloomberg Markets data.

The below-range pricing signals weakness in investor demand for the stock at a time when IPO markets remain selective. Healthcare REITs have faced headwinds from rising interest rates and shifting expectations about property values, making it difficult for new entrants to command premium valuations.

The $462 million raise represents a modest debut for the REIT, which will now operate as a publicly traded company managing healthcare facilities. The pricing outcome suggests investors remain cautious about new REIT offerings amid ongoing volatility in commercial real estate markets.