Ackman’s Pershing Square USA to offer shares at $50 in NY listing

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(Reuters) – Pershing Square USA, a fund managed by billionaire Bill Ackman, said on Friday it plans to offer shares at $50 each in its initial public offering in New York.

Ackman is launching a new investment portfolio that will be available to anyone who can invest in the United States, including retail investors.

The fund did not reveal the exact number of shares it will offer. Potential investors need to purchase at least 100 common shares of Pershing Square USA in order to participate in the offering.

Ackman’s new fund will mimic his existing Europe-listed hedge fund Pershing Square Holdings, but offer lower fees and quicker access to capital.

The fund, which will invest in 12 to 15 large, undervalued North American companies, will charge a flat 2% management fee, which would be waived for the first 12 months.

In June, Ackman’s hedge fund Pershing Square Capital Management raised $1.05 billion by selling a 10% stake in a deal that valued the firm at more than $10 billion ahead of a potential IPO that could happen next year or in 2026.

Roughly $500 million of the proceeds from that stake sale will anchor Pershing Square USA, with the rest of the money to be used in funds that Ackman plans to launch in the future.

Ackman’s Pershing Square Capital Management, which oversees $19 billion in assets, generally invests in roughly a dozen stocks such as Google parent Alphabet, Chipotle Mexican Grill, and Universal Music Group.

Pershing Square USA will list on the New York Stock Exchange under the symbol “PSUS”.

Citigroup Global Markets, UBS Securities, BofA Securities and Jefferies are the underwriters for the offering.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Saumyadeb Chakrabarty)