New York listing makes Babylon app founder $1bn

THE founder of virtual doctor app Babylon has joined the ranks of Britain’s technology billionaires after the company listed on the New York Stock Exchange.

Ali Parsa, who founded Babylon in 2013 and is chief executive, holds around 26pc of the company, which is now worth around $1bn (£730m) after the company floated at a valuation of $4.2bn. Shares in Babylon climbed to $11.50 in its opening trades.

The takeover, first announced in June, represents a substantial float for a UK healthtech company, although one that got away from City investors.

Babylon shunned a London float for a US listing via a US special purpose acquisition company, or Spac, a cashrich blank cheque firm set up to target fast-growing companies.

Founded in 2013, Babylon provides video doctor services and a virtual diagnostics app. In the UK, it works with NHS GPS to provide video appointments. Mr Parsa said the majority of its work was now done in the US.