- Bill Ackman, the billionaire’s fund manager, said on Friday that Pershing Square USA would launch an initial public offering (IPO) in New York, with shares priced at $50 each.
- The precise amount of shares the fund would issue was not disclosed. To take part in the offering, prospective investors must acquire a minimum of 100 common shares of Pershing Square USA.
- Similar to his current Europe-listed hedge firm Pershing Square Holdings, Ackman’s new fund will provide faster access to cash and reduced costs.
- The fund will have a flat 2% management fee, which will be waived for the first 12 months, and invest in 12 to 15 major, undervalued North American corporations.
- To raise $1.05 billion in June, Ackman’s hedge fund Pershing Square Capital Management sold a 10% share in the company, valuing it at over $10 billion in anticipation of a possible IPO that would take place in 2026 or the next year.
- About half of the profits from that share sale will be used to create Pershing Square USA; the other portion will go toward funds that Ackman intends to establish in the future.
- Overseeing $19 billion in assets, Ackman’s Pershing Square Capital Management typically holds around a dozen securities, including Universal Music Group (AS: UMG), Chipotle Mexican Grill (NYSE: CMG), and Google parent Alphabet (NASDAQ: GOOGL).
- The ticker “PSUS” will be used for Pershing Square USA’s New York Stock Exchange listing.
- The underwriters for the offering include Jefferies, UBS Securities, BofA Securities, and Citigroup Global Markets.
Source:
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