(Updated - March 10, 2026 6:21 AM EDT)
Pershing Square, the investment firm led by Bill Ackman, has filed a prospectus for an initial public offering that would list its common stock on the New York Stock Exchange under the ticker symbol "PS." The filing describes a combined transaction that includes Pershing Square USA, Ltd. (PSUS), a closed-end investment company.
According to the filing, PSUS intends to offer common shares at a stated price of $50.00 per share. As part of the transaction, PSUS has already secured $2.8 billion in commitments from institutional investors through a private placement. The filing breaks down the private placement investor base by type: family offices account for 30% of commitments, pension funds 25%, insurance companies 22%, ultra-high-net-worth investors 12% and other investors 11%.
The structure described in the prospectus provides that initial investors in the PSUS public offering will receive 20 shares of Pershing Square common stock for every 100 PSUS shares purchased. Private placement investors will receive a larger conversion allocation, receiving 30 shares of Pershing Square common stock for every 100 PSUS shares. The filing notes that both the Pershing Square common stock and the PSUS shares will trade as separate securities on the NYSE.
PSUS anticipates that the combined transaction could raise between $5 billion and $10 billion in total. That amount is expected to comprise the $2.8 billion already committed through the private placement and an additional $2.2 billion to $7.2 billion to be raised via the public offering.
The prospectus identifies Pershing Square Capital Management, L.P. - a wholly owned subsidiary - as the investment manager for PSUS. It also names the underwriting syndicate for the offering, which includes Citigroup, UBS Investment Bank, BofA Securities, Jefferies and Wells Fargo Securities.
The filing explicitly states that the combined offering will not generate proceeds for Pershing Square itself.
Summary
Pershing Square has filed to list its common shares under the ticker PS on the NYSE in a combined transaction with Pershing Square USA, Ltd. The closed-end vehicle has secured $2.8 billion in private commitments and expects the overall transaction to raise between $5 billion and $10 billion, with varying share-conversion terms for public and private placement investors.
Key points
- Pershing Square plans to list common stock under the ticker PS on the NYSE as part of a combined transaction with PSUS.
- PSUS has $2.8 billion in private placement commitments, with investor composition split among family offices, pension funds, insurance companies, ultra-high-net-worth investors and others - impacting institutional asset allocation and the capital markets sector.
- The combined transaction is expected to raise between $5 billion and $10 billion, subject to the size of the public offering tranche - a material consideration for equity capital markets activity.
Risks and uncertainties
- Final proceeds are uncertain - the public offering portion is projected to range from $2.2 billion to $7.2 billion, leaving the total raised between $5 billion and $10 billion.
- Different conversion ratios for public offering investors versus private placement investors (20 vs. 30 Pershing Square shares per 100 PSUS shares) could affect investor economics and secondary market dynamics.
- The filing states the combined offering will not produce proceeds for Pershing Square itself, which may be a consideration for holders seeking direct capital inflows to the firm.
Sectors affected
- Asset management and investment funds
- Capital markets and equity underwriting
- Institutional investor allocations (pension funds, insurance)