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Sixth Street-backed Caris lifts IPO price range, eyes $5.7 billion valuation

By Arasu Kannagi Basil and Pritam Biswas - 6/16/2025

</head><body><p>By Arasu Kannagi Basil and Pritam Biswas</p><p>(Reuters) - Cancer diagnostic firm Caris Life Sciences on Monday raised the proposed price range for its New York initial public offering, targeting a valuation of up to $5.67 billion and indicating a strong demand for fresh stock flotations. </p><p>The Irving, Texas-based company is marketing the IPO of nearly 23.5 million shares between $19 and $20 apiece, compared with its earlier range of $16 to $18 per share. The IPO will raise $470.6 million at the higher end of the revised range.</p><p>"Underwriters don't corral a narrow band unless the order book is thick enough to support it — otherwise they’d leave wiggle room for last-minute indigestion," said Michael Ashley Schulman, chief investment officer at Running Point Capital.</p><p>U.S. IPOs have been showing signs of a sustained revival, with some high-profile names delivering strong debuts in recent weeks, after President Donald Trump's tariff indecision dampened deal activity earlier this year.</p><p>Digital bank Chime's shares surged 59% during its Nasdaq debut last week, giving the company a valuation of $18.4 billion.</p><p>Other big names such as Swedish fintech Klarna and crypto exchange Gemini are currently in this year's IPO pipeline. </p><p>Founded in 2008 by CEO David Halbert, Caris uses artificial intelligence to study the genetic code from a patient's DNA, RNA and proteins and create personalized cancer treatment plans. </p><p>The company has run more than 6.5 million tests in 849,000 cases and currently works with over 100 biopharma partners, including Moderna, and AbbVie.</p><p>Caris raised $830 million at a $7.83 billion valuation in a Sixth Street-led 2021 funding round. It is also backed by J.H. Whitney, one of the oldest U.S. private equity firms.</p><p>BofA Securities, J.P. Morgan, Goldman Sachs and Citigroup are the lead underwriters for the offering.</p><p>Caris is expected to start trading on the Nasdaq on Wednesday under the symbol 'CAI'.</p><p/><p> (Reporting by Arasu Kannagi Basil, Pritam Biswas and Bhanvi Satija in Bengaluru; Editing by Shreya Biswas)</p></body></html></p> <div id="news-wrapper"> <div class="thumbnail additional-resources client-content-image-box"> <div class="box-image" style="background-image: url(/images/home/news.jpg);"></div> <div class="caption"> <h3>Nationwide News</h3> <div> <p><a href='/veterans/news-article-detail.aspx?id=155542'>Grave of Black veteran of War of 1812 receives headstone</a></p> <p><a href='/veterans/news-article-detail.aspx?id=155541'>World War II veteran, motorcycle champion turns 102</a></p> <p><a href='/veterans/news-archive.aspx'>News Archive</a></p> </div> </div> </div> </div> </div> </div> </div> </section> </div> <!-- FOOTER --> <footer class="footer"> <!-- FOOTER INFO --> <div class="clearfix footerInfo"> <div class="container"> <div class="row"> <div class="col-sm-7 col-xs-12"> <div class="footerText"> <a href="http://www.trilogyir.com/" target="_blank" class="footerLogo"><img src="/images/Noc-Logo-white.png" alt="Footer Logo" style="width: 200px;"></a> <div class="genericContent" id="landingPageText"> <p>Network of Care for Service Members, Veterans & Their Families is an online information portal for individuals, families and social service agencies to serve those who have served our country. </p> </div> <h3 id="lblTechAssistance" style="color: #fff; 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