Caris Life Sciences Inc. jumped over 33% after the health-care company raised $494 million in a US initial public offering that priced above the top of its marketed range.

Shares of the Sixth Street Partners-backed firm, which uses technology to help diagnose and treat cancer, closed at $28 each on Wednesday in New York, versus an IPO price of $21 apiece. Caris sold 23.5 million shares in the IPO after offering them for $19 to $20 each, in a range that had already been increased.

The trading gives the Irving, Texas-based firm a market value of $7.9 billion based on the outstanding shares listed in an earlier filing.

Affiliates of Neuberger Berman Investment Advisers had indicated they would be interested in buying as much as $75 million of Caris’ offering at the IPO price, the filing shows.

The company plans to use the proceeds from the offering to pay down debt, Founder, Chairman and Chief Executive Officer David Dean Halbert said in an interview with Bloomberg Television. Halbert estimates the firm’s debt to be about $400 million and anticipates the company becoming profitable this year.

Founded in 2008, Caris uses artificial intelligence and machine learning to analyze oncology data to diagnose and monitor cancer treatments, the filing shows. The company has run more than 6.5 million tests on over 849,000 cases.

Its product portfolio consists of MI Profile, a tissue-based molecular profiling solution, which has generated the majority of Caris’ revenue, and Caris Assure, a blood-based molecular profiling solution launched in the first quarter of 2024. The health-tech firm also runs a drug discovery business where it uses its profiling solutions and genomic datasets to identify potential drug targets and develop therapeutics.

Caris had a net loss of $127 million on revenue of $120.9 million for the first three months of 2025, compared with a net loss of $134.1 million on revenue of $80.7 million in the same period a year earlier, according to the filing.

Halbert was expected to beneficially own 41.7% of the company after the offering, the filing shows. Affiliates of Sixth Street and private equity firm JH Whitney Capital Partners were set to have 9.8% and 6.8% ownership respectively.

The offering was led by Bank of America Corp., JPMorgan Chase & Co., Goldman Sachs Group Inc. and Citigroup Inc. The shares trade on the Nasdaq Global Select Market under the symbol CAI.