Bill Ackman’s Pershing Square plans a proposed IPO to raise about 5 billion US dollars (about US$50 billion)

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ME News, April 27 (UTC+8): Bill Ackman’s closed-end fund Pershing Square USA (PSUS) and alternative asset management firm Pershing Square (PS) are conducting an initial public offering. The total expected fundraising is approximately $5 billion, at the lower end of the previously targeted $10 billion range. The amount includes $2.8 billion of private placements already disclosed to the U.S. SEC. About 85% of this offering has been subscribed by institutional investors. Bookbuilding is set to close at 4:00 p.m. New York time on Monday and pricing is scheduled for April 28. Pershing Square USA will charge a 2% management fee and no performance fees, while Pershing Square’s voting rights are controlled by Ackman and the core management team. (Source: ODAILY)
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