From Yahoo Finance: 2025-06-09 07:27:00

Cancer diagnostic firm Caris Life Sciences targets a $5.3 billion valuation in its U.S. IPO, seeking $423.5 million by offering 23.5 million shares priced between $16 and $18 each, backed by Sixth Street. Revenue grew 35% to $412.3 million in 2024, conducting over 6.5 million tests and working with 100 biopharma partners.

Caris, an AI-based precision medicine firm, focuses on tumor profiling and blood-based cancer diagnostics. Founded in 2008, it generates revenue primarily from tissue-based molecular profiling to guide cancer therapy selection. IPOX analyst Lukas Muehlbauer notes a high price-to-sales ratio of about 13, positioning Caris at the top of its peer group.

Investment manager Neuberger Berman may buy up to $75 million of shares in the IPO. Lead underwriters are BofA Securities, J.P. Morgan, Goldman Sachs, and Citigroup. Caris will trade on the Nasdaq under the symbol “CAI.” The offering follows SoftBank-backed Tempus AI’s successful IPO, which has gained 67.8% since going public.

Read more: Sixth Street-backed Caris Life Sciences targets $5.3 billion valuation in US IPO