Caris Life Sciences, the precision oncology firm backed by Sixth Street and JH Whitney, has revised its IPO price range upwards, and is now aiming for a valuation of up to $5.67bn as it prepares to list on the Nasdaq this week, according to a report by Reuters.
The Texas-based company is offering 23.5 million shares at $19 to $20 apiece, a notable increase from its prior range of $16 to $18. At the top end of the revised range, the listing would raise approximately $470.6m. The tightening of the price band is viewed by market participants as a signal of strong institutional demand.
Caris, founded in 2008 by CEO David Halbert, leverages AI to decode DNA, RNA and protein data to tailor personalised cancer therapies. The company claims over 6.5 million molecular tests performed across 849,000 individual cases, and collaborates with more than 100 biopharma partners, including Moderna and AbbVie.
The business last raised capital in 2021, securing $830m at a $7.83bn valuation in a Sixth Street-led round. The firm’s forthcoming flotation follows a recent uptick in US IPO activity, with digital bank Chime rallying 59% on debut and valuations rebounding after a subdued first half of the year.
Caris is expected to list under the ticker symbol ‘CAI’. BofA Securities, JP Morgan, Goldman Sachs, and Citigroup are acting as joint bookrunners on the offering.
