Alamar Biosciences raises $191mn in upsized IPO as healthcare listings gather pace

Fremont-based protein biomarker company prices at top of range amid demand running at more than ten times available shares

Alamar Biosciences, a medical devices company that detects protein biomarkers for disease diagnosis, has raised $191mn in an upsized initial public offering on the Nasdaq, pricing at the top of its marketed range as investor appetite for healthcare listings shows signs of revival.

The Fremont, California-based group sold 11.25mn shares at $17 each, having initially offered 9.38mn shares at between $15 and $17. The deal attracted demand for more than ten times the available stock, according to people familiar with the matter, prompting the company to increase the size of the offering. At the IPO price, Alamar carries a market capitalisation of approximately $1.1bn based on shares listed in its filings.

The listing arrives amid a broader resurgence in US IPO activity, with investment banks preparing to raise more than $15bn across a wave of debuts expected in the coming weeks. Healthcare is emerging as a particularly active segment, with obesity biotech Kailera Therapeutics and anxiety drugmaker Seaport Therapeutics among the companies preparing to go public. First-time share sales in the US healthcare sector have raised $2.4bn so far this year, up sharply from $1.4bn over the same period in 2025, according to Bloomberg data.

Founded in 2018, Alamar has developed a proprietary technology capable of detecting and quantifying more than 100 protein biomarkers from a single sample of as little as 10 microlitres of biofluid. Its Nulisa platform is designed to help researchers analyse complex biological samples, with applications in early disease detection.

The company posted a net loss of $29.8mn on revenues of $74mn in 2025, a marked improvement on the prior year when it reported a net loss of $54.7mn against revenues of $25mn — reflecting rapid top-line growth as it scales its technology platform.

Chinese venture capital firm Qiming Venture Partners is Alamar's largest shareholder, with Illumina Ventures, Sherpa Healthcare Partners and Sands Capital each holding stakes of 5 per cent or greater, according to regulatory filings.

The offering is being led by JPMorgan Chase, Bank of America, TD Cowen, Leerink Partners and Stifel Financial. Alamar's shares are expected to begin trading on Friday on the Nasdaq Global Select Market under the ticker ALMR.