Bill Ackman's Pershing Square USA drops in debut after $5 bln IPO

Pershing Square Holdings

29/04/2026 19:16

Updates

** Closed-end fund Pershing Square USA's PSUS.N shares drop as much as 19% in NYSE debut after keenly watched IPO

** PSUS shares open at $42 vs $50 offer price, and trade as low as $40.33 early on

** Billionaire activist 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 to 15 large-cap North ​American-listed companies

** Closed-end funds are prone to trading at a discount to their underlying assets

** PSUS investors received one share of Ackman's management firm Pershing Square Inc PS.N, which also listed publicly today, for every five PSUS shares bought in the IPO

** PS shares currently changing hands at $23.59 after opening at $24

** 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))