Bill Ackman’s Pershing Square Files For IPO After A Delay Of More Than A Year

• Pershing Square stated in its filing that the offering will take a dual listing approach.
• This includes the shares of Pershing Square USA, a closed-end fund, as well as Pershing Square Capital Management.
• For every 100 shares subscribed by investors through the IPO, they will also receive 20 shares of the hedge fund.

Investor Bill Ackman’s hedge fund, Pershing Square, has filed for a $10 billion initial public offering (IPO) to list on the New York Stock Exchange following a delay of more than a year.

In its filing with the U.S. Securities and Exchange Commission (SEC), Pershing Square stated that it has secured $2.8 billion in commitments ahead of the IPO. The company is seeking to raise between $5 billion and $10 billion, according to the filing.

Ackman had previously sought to take Pershing Square public in 2024.

Pershing To Adopt A Dual Listing Structure

Pershing Square stated in its filing that the offering will take a dual listing approach. This includes the shares of Pershing Square USA, a closed-end fund, as well as those of Pershing Square Capital Management, a hedge fund.

For every 100 shares subscribed by investors through the IPO, they will also receive 20 shares of the hedge fund. Investors participating in the $2.8 billion private placement will receive 30 shares of the hedge fund for every 100 shares of the closed-end fund, according to the filing.

Investors will be able to subscribe to the company's shares at $50 apiece. Pershing Square common shares trade under the symbol “PS” while the closed-end fund’s shares will trade under the symbol “PSUS.”

Ackman’s Pivot

The Pershing Square IPO filing comes after Ackman’s attempt to list the closed-end fund at a valuation of $25 billion fell apart in 2024.

Ackman stated in a July 2024 letter to shareholders that there is an “enormous” sensitivity to the size of the transaction.

“Particularly in light of the novelty of the structure and closed-end funds’ very negative trading history, it requires a significant leap of faith and ultimately careful analysis and judgment for investors to recognize that this closed-end company will trade at a premium after the IPO when very few in history have done so,” he said.

The investor has cited Warren Buffett as his inspiration behind launching Pershing Square, according to a CNBC report. “I found eventually copies of the early Buffett partnership letters, which told an interesting story. And that story was really the inspiration behind launching Pershing Square,” he said.

PSHZF stock was up nearly 4% in Tuesday’s opening trade.

Also See: Iran Reportedly Defends Attacks On US Military Bases In The Middle East As ‘Legitimate Targets,’ Trump Warns Of 20X Retaliation Over Strait Of Hormuz Threat

For updates and corrections, email newsroom[at]stocktwits[dot]com.