NantHealth defied market expectations by posting an impressive first-day performance. The personalised healthcare company, dubbed the ”Google of healthcare” by founder and Los Angeles billionaire Dr Patrick Soon-Shiong, gained 32.8% on its debut, marketing the second-best performance of any IPO priced in the US this year.
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.