The IPO Buzz: Caris Life Sciences (CAI) Prices IPO at $21 – $1 Above Range

Caris Life Sciences (CAI) priced its IPO at $21.00 – $1.00 above the top of its recently increased range – and sold 23.53 million shares – the number of shares in the prospectus – to raise $494.12 million on Tuesday night, June 17, 2025. The price range was $19.00 to $20.00 – increased on Monday, June 16, from the original price range of $16.00 to $18.00. Caris Life Sciences, Inc.’s stock (CAI) is expected to start trading today – Wednesday, June 18, 2025 – on the NASDAQ. At pricing, Caris Life Sciences had a market cap of $5.95 billion. Caris Life Sciences (CAI) is an AI TechBio precision medicine company focused on cancer, according to the prospectus. The company, founded in 2008, is based in Irving, Texas. BofA Securities, J.P. Morgan and Goldman Sachs were the lead joint book-runners. Citigroup was also a joint book-runner in a group that included TD Cowen, Evercore ISI and Guggenheim Securities. Neuberger Berman Investment Advisers LLC, the cornerstone investor, through certain entities had indicated an interest in buying up to $75 million of stock in the IPO, according to the prospectus. Caris Life Sciences has spent the last 17 years developing and building its “portfolio of comprehensive, proprietary molecular profiling solutions,” the prospectus said. The result is “what we believe to be one of the largest and most comprehensive multi-modal clinico-genomic datasets in oncology based on the more than 6.5 million tests we have run on over 849,000 cases, which have generated measurements of over 38 billion molecular markers.” Oncologists use Caris Life Sciences’ products to diagnose cancer and plan treatment, including the search for clinical trials to help their patients. Caris Life Sciences said: “Our current commercial product portfolio is focused on oncology and consists of MI Profile, our tissue-based molecular profiling solution that has generated the majority of our revenue to date, and Caris Assure, our novel, universal blood-based molecular profiling solution that was broadly launched in the first quarter of 2024 for therapy selection.” The company is not profitable. Caris Life Sciences reported a net loss of $248.7 million on revenue of $452.5 million for the 12 months that ended March 31, 2025, according to financial statements in the prospectus.