US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Caris Life Sciences / Equity Capital Markets

<ul>
<li>The next-generation AI TechBio company priced a full size deal of 23.5mm shares at $21.00  and opened at $27.00 for a gain of 28.6% at first trade. </li>
<li>It was easy for IPO investors to wrap their heads around this company. Caris generates billions of data points and uses AI to customize immunotherapy for individuals.</li>
<li>Looking ahead, it is our opinion that this "could" be a company that investors tuck away in their portfolio for a long time.</li>
</ul>


The next-generation AI TechBio company priced a full size deal of 23.5mm shares at $21.00  and opened at $27.00 for a gain of 28.6% at first trade. 
It was easy for IPO investors to wrap their heads around this company. Caris generates billions of data points and uses AI to customize immunotherapy for individuals.
Looking ahead, it is our opinion that this "could" be a company that investors tuck away in their portfolio for a long time.


Caris Life Sciences, Inc. (CAI): AI Cancer TechBio Company Surges Six Points at Open

<ul>
<li>Caris Life Sciences increased the price range on its IPO on Monday ahead of a Wednesday scheduled debut.</li>
<li>According to our sources, the deal is multiple-times oversubscribed with a mix of new and existing investors. There are multiple mutual-fund anchor orders in the book.</li>
<li>Given how important this company’s technology is to the cancer arena and the revenue growth  that is “ramping” into the IPO, we like the risk-reward profile of this deal.</li>
</ul>


Caris Life Sciences increased the price range on its IPO on Monday ahead of a Wednesday scheduled debut.
According to our sources, the deal is multiple-times oversubscribed with a mix of new and existing investors. There are multiple mutual-fund anchor orders in the book.
Given how important this company’s technology is to the cancer arena and the revenue growth  that is “ramping” into the IPO, we like the risk-reward profile of this deal.


Caris Life Sciences, Inc. (CAI): Price Bumped Higher, Intersection of Cancer and AI in High Demand

<ul>
<li>The company will be offering 23.5mm shares at a $16-$18 range equating to a market cap of $4.8b-$5.35b.</li>
<li>The deal is anticipated to price on Tuesday (6/17) for a Wednesday (6/18) debut on the Nasdaq.</li>
<li>This company is backed by some of the strongest biotech-VC firms in the game. It is our opinion that this IPO is "likely" to be well-received. </li>
</ul>


The company will be offering 23.5mm shares at a $16-$18 range equating to a market cap of $4.8b-$5.35b.
The deal is anticipated to price on Tuesday (6/17) for a Wednesday (6/18) debut on the Nasdaq.
This company is backed by some of the strongest biotech-VC firms in the game. It is our opinion that this IPO is "likely" to be well-received. 


Caris Life Sciences, Inc. (CAI): VC-Backed AI TechBio Company Seeks $5b+ IPO Valuation

<ul>
<li>Sixth Street Partners is a significant investor in Caris Life Sciences and has been involved in multiple funding rounds since 2018.</li>
<li>The company has more than 100 biopharma partners, such as Moderna, AbbVie, Xencor, and Merck KGaA.</li>
<li>For the three months ended March 31, 2025 and 2024, they generated total revenue of $120.9 million and $80.7 million, respectively. The company also has significant net losses.</li>
</ul>


Sixth Street Partners is a significant investor in Caris Life Sciences and has been involved in multiple funding rounds since 2018.
The company has more than 100 biopharma partners, such as Moderna, AbbVie, Xencor, and Merck KGaA.
For the three months ended March 31, 2025 and 2024, they generated total revenue of $120.9 million and $80.7 million, respectively. The company also has significant net losses.


Caris Life Sciences, Inc. (CAI): Peeking at the Prospectus of an AI TechBio IPO

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>BillionToOne Inc., a fastest-growing healthtech unicorn in the prenatal and oncology testing market in the U.S., set terms for its US IPO.</li>
<li>The California-based molecular diagnostics company posts hyper-growth and enjoys industry-leading gross margins. Positive non-GAAP op income is likely to be achieved in 2025.</li>
<li>BillionToOne Inc. has delivered 3+ years of exceptional revenue growth with a +167% CAGR over the past three years and strong gross margin profile supporting emerging profitability.</li>
</ul>


BillionToOne Inc., a fastest-growing healthtech unicorn in the prenatal and oncology testing market in the U.S., set terms for its US IPO.
The California-based molecular diagnostics company posts hyper-growth and enjoys industry-leading gross margins. Positive non-GAAP op income is likely to be achieved in 2025.
BillionToOne Inc. has delivered 3+ years of exceptional revenue growth with a +167% CAGR over the past three years and strong gross margin profile supporting emerging profitability.


BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy

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Caris Life Sciences (CAI US)

Caris Life Sciences, Inc. (CAI): AI Cancer TechBio Company Surges Six Points at Open

Next-gen AI TechBio company Caris priced IPO at $21.00, opened at $27.00 (+28.6%). Uses AI to customize immunotherapy, potential long-term...

IPO Boutique

Caris Life Sciences, Inc. (CAI): Price Bumped Higher, Intersection of Cancer and AI in High Demand

Caris Life Sciences raises IPO price range due to high demand from investors, reflecting confidence in company's technology and revenue growth...

IPO Boutique

Caris Life Sciences, Inc. (CAI): VC-Backed AI TechBio Company Seeks $5b+ IPO Valuation

Biotech company set to offer 23.5mm shares at $16-$18 range for $4.8b-$5.35b market cap, backed by top VC firms, IPO expected to debut on Nasdaq.

IPO Boutique

Caris Life Sciences, Inc. (CAI): Peeking at the Prospectus of an AI TechBio IPO

Sixth Street Partners invests in Caris Life Sciences, a company with over 100 biopharma partners, showing growth in revenue but also significant...

IPO Boutique

BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy

Healthtech unicorn BillionToOne Inc. sets terms for US IPO, showing hyper-growth and emerging profitability. In my insight, I discuss IPO...

Andrei Zakharov

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Caris Life Sciences, Inc. (CAI): AI Cancer TechBio Company Surges Six Points at Open

​Next-gen AI TechBio company Caris priced IPO at $21.00, opened at $27.00 (+28.6%). Uses AI to customize immunotherapy, potential long-term...

IPO Boutique

Caris Life Sciences, Inc. (CAI): Price Bumped Higher, Intersection of Cancer and AI in High Demand

​Caris Life Sciences raises IPO price range due to high demand from investors, reflecting confidence in company's technology and revenue growth...

IPO Boutique

Caris Life Sciences, Inc. (CAI): VC-Backed AI TechBio Company Seeks $5b+ IPO Valuation

​Biotech company set to offer 23.5mm shares at $16-$18 range for $4.8b-$5.35b market cap, backed by top VC firms, IPO expected to debut on Nasdaq.

IPO Boutique

Caris Life Sciences, Inc. (CAI): Peeking at the Prospectus of an AI TechBio IPO

​Sixth Street Partners invests in Caris Life Sciences, a company with over 100 biopharma partners, showing growth in revenue but also significant...

IPO Boutique

BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy

​Healthtech unicorn BillionToOne Inc. sets terms for US IPO, showing hyper-growth and emerging profitability. In my insight, I discuss IPO...

Andrei Zakharov

Next-gen AI TechBio company Caris priced IPO at $21.00, opened at $27.00 (+28.6%). Uses AI to customize immunotherapy, potential long-term...

Caris Life Sciences raises IPO price range due to high demand from investors, reflecting confidence in company's technology and revenue growth...

Biotech company set to offer 23.5mm shares at $16-$18 range for $4.8b-$5.35b market cap, backed by top VC firms, IPO expected to debut on Nasdaq.

Sixth Street Partners invests in Caris Life Sciences, a company with over 100 biopharma partners, showing growth in revenue but also significant...

Healthtech unicorn BillionToOne Inc. sets terms for US IPO, showing hyper-growth and emerging profitability. In my insight, I discuss IPO...