该基金IPO本来在月初就会获得监管部门的批准，但在Pershing Square USA提交了一份监管更新文件，其中包含阿克曼于7月24日写给投资者的一封信后，SEC推迟了批准。在信中，阿克曼表示，该公司正在缩减该交易的预期收益。Pershing Square USA, a closed-end fund of hedge fund giant Ackman, said on Tuesday that the fund had submitted its latest preliminary prospectus for its first public offering (IPO), showing an issue size of $2 billion, or 4 million shares of common stock.
Pershing Square USA, the closed-end fund of hedge fund giant Bill Ackman, submitted its latest preliminary prospectus for its first public offering (IPO) on Tuesday, with an issue size of $2 billion, a significant drop from the target of about $25 billion Ackman proposed to potential investors in early July, and lower than the fundraising range mentioned in a letter to investors last week of $2.5 billion to $4 billion. The document shows that the company expects to issue 40 million shares at a price of $50 per share.
The IPO of Pershing Square USA is expected to be priced after the close of trading on August 5th. The pricing is subject to the SEC declaring the IPO registration statement effective. The fund will be listed on the New York Stock Exchange the following day.
The fund's IPO would have been approved by regulators at the beginning of the month, but was delayed after Pershing Square USA filed an update containing a letter from Ackman to investors on July 24th, which prompted the SEC to postpone approval. In the letter, Ackman said the company was reducing its expected returns from the deal.
Pershing Square USA's IPO was originally scheduled to be priced on Monday, but was later postponed.
According to people familiar with the matter cited by Bloomberg News Agency, Seth Klarman's Baupost Group decided not to invest in the fund later on Monday. In a letter to investors last week, Ackman said Baupost was one of the potential supporters of the hedge fund and that Baupost would invest $150 million in the IPO.
Pershing Square USA plans to invest net proceeds from the IPO in accordance with its investment objectives and policies.
The company said it had submitted an N-2 form registration statement related to common stock to the SEC, but it had not yet become effective.
Citi, UBS Investment Bank, BofA Securities and Jefferies are the global coordinators and bookrunners for the IPO. Wells Fargo Securities, RBC Capital Markets, BTG Pactual, Barclays and Deutsche Bank Securities are also bookrunners.
