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Guardant Health plans $100M IPO

Guardant Health Inc. is planning to raise up to $100 million in an IPO.

The Redwood City, Calif.-based company offers a liquid biopsy assay — marketed as Guardant360 — which uses blood samples to evaluate DNA shed from cancers, instead of an invasive tissue biopsy.

Guardant plans to list its stock on the on the Nasdaq Global Select Market under the symbol GH.

The company also granted underwriters a 30-day option to buy additional shares.

Guardant plans to use the net proceeds for general corporate purposes, including working capital, sales and marketing activities, general and administrative matters and capital expenditures.

The company raised $360 million in 2017 in a funding round led by Japan's SoftBank Group Corp., along with other investors, including Temasek and Sequoia Capital.

J.P. Morgan Securities LLC and Bank of America Merrill Lynch Pierce Fenner & Smith Inc. are acting as joint book-running managers for the offering. Other underwriters include Cowen and Co. LLC, Leerink Partners LLC and William Blair & Co. LLC.