Bill Ackman’s Pershing Square on Monday kicked off a formal roadshow to present two U.S. initial public offerings: one for the investor’s management company and another for a new fund structure. The new Pershing Square USA fund is being offered at a price of $50 per share, with anticipated proceeds of between $5 billion and $10 billion when combining the IPO and an associated private placement.
The company has appointed a group of global coordinators and bookrunners for the combined offering. Those firms are Citigroup, UBS Investment Bank, BofA Securities, Jefferies and Wells Fargo Securities. Pershing Square USA is slated to trade on the New York Stock Exchange under the symbol "PSUS," while Pershing Square, the management company, will list under the symbol "PS."
The planned fund and management company listings follow an earlier effort to take the same fund public in 2024 that did not move forward. That prior attempt was scrapped days before its scheduled debut. Market references to trading activity involving the ticker PSHP also surfaced in related commentary.
The current roadshow marks the start of the formal investor outreach and marketing process for the combined offerings. The stated fundraising range for Pershing Square USA - between $5 billion and $10 billion - encompasses the totals expected from both the public offering and an accompanying private placement.
Details provided by the company include the fixed share price for the fund at $50 apiece and the planned New York Stock Exchange listings for both the fund and the management entity. The underwriting and coordination of the combined IPOs will be handled by the five named global coordinators and bookrunners.
Investors and market participants will be watching how the roadshow progresses and whether the combined offering achieves the midpoint or top end of the stated fundraising range. The appearance of earlier plans that were abandoned days before a prior launch remains a notable part of the offering's recent history.
Summary - Pershing Square has launched a roadshow for U.S. IPOs of its management company and a new fund, with the Pershing Square USA fund priced at $50 per share and targeting $5 billion to $10 billion in proceeds from the IPO and a private placement. The combined listing will be managed by Citigroup, UBS Investment Bank, BofA Securities, Jefferies and Wells Fargo Securities, with NYSE symbols PSUS and PS. A prior attempt to list the fund in 2024 was withdrawn days before its scheduled debut.