Dr Patrick Soon-Shiong, a minority owner of the Los Angeles Lakers basketball team, had a busy agenda over the US Memorial Day Holiday weekend. The California billionaire, whose net worth is estimated at US$12.5bn, is touting Nant Health to investors in hopes of taking it public.
Master limited partnerships remain capital-constrained, even the best in class. Having looked to private funding alternatives earlier in the year, MLPs are beginning to test the cost of funding in the public markets.
SiteOne Landscape Supply, a distributor of landscaping equipment, through its US$210m IPO last week, became only the second private equity-backed company to go public this year. Spectacularly, its shares soared 27% on debut to highlight the high threshold required for entry – low debt leverage and profitability to stay that way.