Pershing Square launches dual IPO seeking up to $10 billion

Pershing Square USA announced the launch of a dual initial public offering structure involving two entities managed by Bill Ackman's investment firm. The offering includes shares of Pershing Square USA (PSUS), a closed-end investment company, and Pershing Square Inc. (PSI), which will serve as the parent company of Pershing Square Capital Management.

PSUS shares are priced at $50.00 each, with investors receiving one PSI share for every five PSUS shares purchased at no additional cost. The company seeks to raise at least $5 billion, including $2.8 billion from a concurrent private placement. The maximum offering size is capped at $10 billion before any underwriter overallotment options.

Upon completion, PSUS shares will trade on the New York Stock Exchange under the ticker "PSUS," while PSI shares will trade under "PS." All net proceeds from both offerings will go to PSUS, with PSI receiving no proceeds from the transaction.

The offering remains subject to market conditions and completion of the Securities and Exchange Commission's review of the companies' registration statements. Multiple investment banks are participating as underwriters, with Citigroup, UBS, BofA Securities, Jefferies and Wells Fargo serving as global coordinators and bookrunners.

The information is based on a company announcement regarding the proposed public offerings.

You May Also Be Interested In

• Israel said to eye US listing for major defense firms
• Sonos partners with Škoda for audio system in new Peaq EV
• CopperTech Metals launches IPO roadshow on NYSE at $16-$18 per share