Apr. 29 at 2:06 AM
Pershing Square, led by Bill Ackman, announced Tuesday it raised about
$5 billion through a combined share placement and U.S. IPO. Pershing Square USA, its closed-end fund, will debut on the NYSE under PSUS, while Pershing Square Inc, the management company overseeing Ackman’s funds, will trade under PS.
The offering is one of the largest U.S. IPOs in recent years and the biggest ever for a closed-end fund, broadly in line with prior reports. Demand was reportedly strong and oversubscribed, with more than 85% of orders coming from institutional investors.
Ackman, founder of Pershing Square Capital Management, built his reputation through activist campaigns at major companies like Chipotle and Canadian Pacific, as well as high-profile trades, including significant gains during the 2008 subprime crisis.
$PSUS $PSHZF