AI precision oncology platform Caris Life Sciences (CAI.US) raised $494 million on its first day on the US stock market, with shares soaring 33%.

Medical technology company Caris Life Sciences (CAI.US) made its debut on the Nasdaq market on Wednesday, Eastern Time, raising $494 million in its initial public offering (IPO), with the IPO price higher than the original upper limit. The stock soared nearly 40% after listing and closed up 33% at $28 on Wednesday. Backed by Sixth Street Partners, Caris priced its offering at $21 per share for 23.5 million shares, higher than the initial pricing range of $19 to $20. Based on the previously filed float calculations, the Texas-based company's market value reached $7.9 billion. Neuberger Berman Investment Advisers affiliated institutions have expressed interest in purchasing up to $75 million worth of shares at the offering price. The company's founder, chairman, and CEO David Dean Halbert stated in an interview that the proceeds from this fundraising will be used to pay off approximately $400 million in debt, with the company expected to achieve profitability this year. According to the prospectus, Caris was founded in 2008 and uses artificial intelligence and machine learning to analyze oncology data to assist in cancer diagnosis and treatment monitoring, having completed over 6.5 million tests covering 849,000 cases. Its product portfolio includes the tissue molecular analysis solution MI Profile, which contributes the majority of revenue, as well as the blood molecular testing solution Caris Assure launched in the first quarter of 2024. Additionally, the company operates a drug discovery business, using testing data and genetic data sets to identify potential drug targets and develop therapies. Financial data shows that in the first quarter of 2025, Caris had revenue of $120.9 million and a net loss of $127 million; compared to revenue of $80.7 million and a loss of $134.1 million in the same period last year, with a narrower loss margin. According to the prospectus, after the IPO, Halbert will hold 41.7% of the shares, while Sixth Street Partners and affiliates of private equity firm JH Whitney Capital Partners will hold 9.8% and 6.8% respectively. This IPO was underwritten by Bank of America Corp, JPMorgan Chase, Goldman Sachs Group, Inc., and Citigroup, with the stock trading on the Nasdaq Global Select Market under the ticker symbol "CAI."