Caris Life Sciences Boosts IPO Price Range 15%

Caris Life Sciences, a company focused on AI-driven molecular diagnostics for cancer, has announced an increase in the price range for its upcoming initial public offering (IPO). The company, based in Irving, Texas, plans to issue 23.5 million shares at a price range of $19 to $20 per share, aiming to raise a total of $4.59 billion. This adjustment follows the company's initial IPO filing, which had a price range of $16 to $18 per share. Insiders are expected to purchase shares worth $75 million, representing 16% of the total offering. Based on the revised midpoint of the price range, Caris Life Sciences' fundraising amount is projected to be 15% higher than initially anticipated.

The company is dedicated to developing and commercializing a precision medicine diagnostic platform that integrates next-generation gene sequencing, AI, and machine learning technologies. The platform is built on data from over 849,000 clinical cases and 6.5 million tests, having analyzed more than 380 billion molecular markers. Caris Life Sciences' commercial product line focuses on oncology, with key offerings including the MI Profile tissue molecular profiling solution, which has been the company's primary revenue source, and the Caris Assure blood molecular profiling product, scheduled for full launch in the first quarter of 2024 to aid in treatment selection.

Founded in 2008, Caris Life Sciences reported revenue of $4.52 billion for the 12 months ending March 31, 2025. The company plans to list on the Nasdaq under the ticker symbol "CAI." The IPO is being underwritten by a syndicate of banks, with the pricing of the IPO expected to be completed during the week of June 16, 2025.