Caris Life raises $494 million in US IPO

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(Reuters) -Caris Life Sciences raised $494.1 million in its Nasdaq initial public offering, the cancer diagnostic firm said on Tuesday, amid a rebound in the IPO market.

Investors have shown renewed interest in U.S. IPOs in recent weeks, following a prolonged slowdown triggered by uncertainties over President Donald Trump’s tariff policies.

The recent surge in listing activity and strong market debuts of virtual healthcare providers Omada and Hinge Health have encouraged other companies in the sector to move forward with their listing plans.

The Irving, Texas-based company sold roughly 23.5 million shares, at $21 apiece, above its increased marketed price range of between $19 and $20.

Caris is an artificial intelligence-based precision medicine firm that helps diagnose cancer through tumor profiling and blood-based cancer diagnostics.

Founded in 2008 by CEO David Halbert, Caris generates revenue mainly from its tissue-based molecular profiling, which helps determine the appropriate cancer therapy for each case.

Caris will start trading on the Nasdaq on Wednesday under the symbol “CAI”.  

BofA Securities, J.P. Morgan, Goldman Sachs and Citigroup are the lead underwriters.  

(Reporting by Prakhar Srivastava and Gursimran Kaur in Bengaluru; Editing by Alan Barona and Mrigank Dhaniwala)