Bill Ackman's Pershing Square files for US IPO under ticker PS

Hedge fund manager Bill Ackman's investment firm Pershing Square has filed for an initial public offering on the New York Stock Exchange under the ticker symbol "PS," according to a prospectus filing. The offering is part of a combined transaction involving Pershing Square USA, Ltd. (PSUS), a closed-end investment company.

PSUS plans to offer common shares at $50.00 per share and has secured $2.8 billion in commitments from institutional investors through a private placement. The investor base includes family offices (30%), pension funds (25%), insurance companies (22%), ultra-high-net-worth investors (12%) and other investors (11%).

Initial investors in the PSUS IPO will receive 20 shares of Pershing Square common stock for every 100 PSUS shares purchased, while private placement investors will receive 30 shares for every 100 PSUS shares. Both securities will trade separately on the NYSE.

PSUS expects to raise between $5 billion and $10 billion in the combined transaction, consisting of the $2.8 billion private placement and an additional $2.2 billion to $7.2 billion through the public offering. Pershing Square Capital Management, L.P., a wholly owned subsidiary, will serve as PSUS's investment manager.

The underwriters for the offering include Citigroup, UBS Investment Bank, BofA Securities, Jefferies and Wells Fargo Securities. The combined offering will not generate proceeds for Pershing Square itself.

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