Ackman's Pershing Square USA on course to drop in debut after $5 bln IPO

Pershing Square Holdings

29/04/2026 16:50

** Closed-end fund Pershing Square USA PSUS.N set to fall in NYSE debut on Weds after keenly watched IPO

** PSUS shares recently indicated to open at $42.50-$47.50 vs $50 offer price

** Billionaire Bill Ackman's new fund sold 100 mln shares for $5 bln raise, after marketing a deal initially targeting between $5 and $10 bln

** PSUS expected to mimic Ackman's existing hedge fund and will invest in 12-15 large-cap North ​American-listed companies

** Closed-end funds are prone to trading at a discount to the assets they hold

** PSUS investors received one share of Pershing Square Inc PS.N, which will also list publicly today, for every five PSUS shares bought in the IPO

** Citigroup, UBS Securities, BofA, Jefferies and Wells Fargo are global coordinators and bookrunners for the combined IPO

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))