Bill Ackman's closed-end fund in the United States is expected to raise $2 billion through its initial public offering (IPO), which is one tenth of the target amount proposed by the billionaire earlier this month.
According to a document, the IPO of Pershing Square USA Ltd. is expected to be priced after the close of trading on August 5th. The issuing price depends on the effectiveness of the IPO registration statement announced by the US Securities and Exchange Commission. The fund will be listed on the New York Stock Exchange the next day.
Regulatory bodies were originally expected to approve the listing earlier this month, and Pershing Square USA planned to price the IPO on Monday, but both were delayed. Prior to this, Pershing Square USA submitted a latest update to the U.S. Securities and Exchange Commission (SEC), which included a letter written by Ackman to investors, stating that the company's expected fundraising scale for the IPO is between $2.5 billion and $4 billion, which is far lower than the $25 billion target proposed by Ackman earlier in July.
Before this, Pershing Square USA submitted a latest update to the U.S. Securities and Exchange Commission (SEC), which included a letter written by Ackman to investors, stating that the company's expected fundraising scale for the IPO is between $2.5 billion and $4 billion, which is far lower than the $25 billion target proposed by Ackman earlier in July.
An insider revealed that the IPO is currently oversubscribed, and Pershing Square is expected to hold an investor conference on Wednesday. Documents show that the company plans to issue a total of 40 million shares at an issuing price of $50 per share.