Bill Ackman’s Pershing Square Files Dual IPO Plan

Pershing Square Holdco has filed with the U.S. Securities and Exchange Commission as part of plans to convert the firm into Pershing Square Inc. and pursue a public listing, according to regulatory filings. 

The move comes as billionaire investor Bill Ackman advances a dual offering strategy, pairing the corporate conversion with the launch of a U.S.-listed closed-end fund, Pershing Square USA. 

Pershing Square USA is expected to raise between $5 billion and $10 billion through the combined transaction and has already secured approximately $2.8 billion in commitments from institutional investors, including family offices, pension funds, insurance companies and ultra-high-net-worth investors. 

According to the filing, investors will be able to purchase shares in the offering at $50 per share. The structure also includes an additional incentive: for every 100 shares of Pershing Square USA purchased, investors will receive 20 shares of Pershing Square Capital Management’s common stock at no additional cost. 

“Permanent capital allows us to take a long-term view and be opportunistic during periods of market volatility, without being exposed to the need to raise capital by selling assets to meet redemptions during such periods,” the firm said in the filing. 

Pershing Square and Pershing Square USA are expected to list on the New York Stock Exchange under the ticker symbols “PS” and “PSUS.” 

The offering will be underwritten by Citigroup, UBS Investment Bank, BofA Securities, Jefferies and Wells Fargo Securities.