Pershing Square Hits the Road for IPO Launch

Pershing Square, the Bill Ackman-led hedge fund, has launched a roadshow for the initial public offering (IPO) of a closed-end vehicle with an expected price of $50 per share.

Pershing Square USA Ltd, which intends to apply to list the shares on the New York Stock Exchange under the symbol PSUS, will “invest the net proceeds of the IPO in accordance with its investment objective and policies.”

Citigroup, UBS Investment Bank, BofA Securities and Jefferies are acting as global coordinators and bookrunners for the IPO, while Wells Fargo Securities, RBC Capital Markets, BTG Pactual, Barclays, and Deutsche Bank Securities are acting as bookrunners for the IPO. Approximately 20 additional banks are involved in the offering in more junior roles.

Pershing Square USA has been planning to raise about $25 billion from the offering, Bloomberg News recently reported. It will likely raise money mostly from institutional investors with some retail interest as well, a person with knowledge of the matter.

A registration statement on Form N-2 relating to the common shares has been filed with the U.S. Securities and Exchange Commission but has not yet become effective.