Bill Ackman’s Pershing Square Dual IPO Priced At $5B To Hit NYSE Today: Here’s What You Should Know

• Both IPOs are expected to close on April 30.
• Regarding the initial public offerings, the two firms plan to complete their previously announced combined private placement of shares. 
• The $5 billion IPO proceeds will include about $2.8 billion already committed by large investors, according to a prior Bloomberg report.

Billionaire Bill Ackman’s public listing of his closed-end fund, Pershing Square USA, Ltd., and parent of his hedge fund, Pershing Square Inc., will begin trading on the New York Stock Exchange on Wednesday.

Regarding the initial public offerings, the two firms plan to complete their previously announced combined private placement of shares. Together, they are expected to generate about $5 billion in gross proceeds before fees and expenses.

Pershing Square USA Ltd. is expected to begin trading under the symbol PSUS, and Pershing Square Inc. is expected to be listed under the symbol PS on the exchange. Meanwhile, both IPOs are expected to close on April 30.

Pershing Square’s IPO Details

Ackman said he would give closed-end fund buyers one share of Pershing Square Inc. for every five shares of Pershing Square U.S.A. purchased, as per a letter to potential investors.

The IPO proceeds will include about $2.8 billion already committed by large investors, according to a prior Bloomberg report, which also noted that the offering falls short of the ambition to raise up to $10 billion. Ackman had attempted a similar public launch in 2024 but withdrew it amid weak investor interest.

According to a filing from Pershing Square Capital Management, which trades on the London Stock Exchange, the firm has about $30.7 billion in total assets under management, with $20.7 billion in fee-paying assets as of the end of 2025. It also recently bought stakes in Meta Platforms Inc. (META) and placed bets on Amazon.com Inc. (AMZN) and Hertz Global Holdings Inc. (HTZ) over the past year.

As per the report, the New York-listed company is likely to hold similar positions. Pershing Square USA will also charge a 2% management fee, while forgoing performance fees.

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