New York — Caris Life Sciences, a precision medicine company for cancer, finalized the terms of its initial public offering (IPO) on Wednesday. The company will offer 23,529,400 shares of common stock at $21 per share, expecting to raise a total of $494.1 million. The stock will begin trading on the Nasdaq Global Select Market on the same day under the ticker symbol CAI.

Over-allotment Option: The underwriters received a 30-day option to purchase an additional 3,529,400 shares (at the offering price), which would raise an additional $74.1 million if fully exercised.

Expected Closing Date: This issuance is planned to be completed on June 20.

The IPO is led by Bank of America Securities, J.P. Morgan, and Goldman Sachs as joint lead underwriters, with Citigroup, TD Cowen, Evercore ISI, and Guggenheim Securities acting as joint bookrunners, and BTIG and Wolfe-Nomura Alliance serving as co-managers.

Caris Life Sciences Provides Comprehensive Cancer Molecular Profiling Services with Next-Generation Sequencing (NGS), Artificial Intelligence, and Machine Learning Technologies. According to the company’s IPO prospectus filed with the U.S. Securities and Exchange Commission (SEC), Caris has established the world's leading multimodal clinical genomic database, completing over 849,000 sample tests and accumulating more than 6.5 million data records.

"By integrating NGS, AI, and high-performance computing technologies, we have built a differentiated platform dedicated to developing next-generation precision medicine solutions, covering the entire chain of cancer early screening, diagnosis, monitoring, treatment selection, and drug development," the company emphasized in its statement.

This IPO follows the $168 million private placement completed in April this year, which was mainly used to expand its genomic testing platform. Market analysis suggests that continuous financing will accelerate the commercialization of its multi-cancer early detection products.