(Reuters) -Cancer diagnostic firm Caris Life Sciences said on Monday it is targeting a valuation of up to $5.35 billion in its initial public offering in the United States.

Irving, Texas-based Caris plans to raise up to $424 million by offering 23.5 million shares priced between $16 and $18 apiece.

The IPO market is heating up as high-profile companies move ahead with their stock market listings in a calmer period after tariff-related volatility stifled deal activity earlier this year.

In 2021, Caris raised $830 million at a $7.83 billion valuation in a funding round led by investment firm Sixth Street.

Caris will trade on the Nasdaq under the symbol "CAI."

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