Pershing Square files for dual IPO seeking up to $10 billion

Pershing Square USA, Ltd. filed a registration statement with the Securities and Exchange Commission for an initial public offering of its common shares at $50 per share, according to a company statement.

The closed-end investment company managed by Pershing Square Capital Management seeks to raise at least $5 billion, including $2.8 billion from a private placement that will close concurrently with the IPO.

Concurrently, Pershing Square Inc., the prospective parent company of the investment manager, filed its own registration statement for a separate IPO of common stock. Investors purchasing PSUS shares will receive 20 PSI shares for every 100 PSUS shares bought at no additional cost.

The company stated it does not intend to exceed $10 billion in gross proceeds from both the IPO and private placement, before any underwriter overallotment option exercise. All net proceeds from both offerings will go to PSUS, with PSI receiving no proceeds.

If completed, both companies expect their shares to list on the New York Stock Exchange under symbols "PSUS" and "PS" respectively.

Citigroup Global Markets Inc., UBS Investment Bank, BofA Securities Inc., Jefferies LLC and Wells Fargo Securities LLC are serving as global coordinators and bookrunners for the combined offering.

The IPO remains subject to market conditions and completion of the SEC review process, with no assurance regarding timing or final terms of the offering.

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