Bill Ackman's Pershing Square files for an IPO

Bill Ackman's hedge fund Pershing Square has filed for an initial public offering on the New York Stock Exchange.

The filing outlines a dual listing of Pershing Square and a closed-end investment company, Pershing Square USA, with the company seeking to raise at least $5 billion.

Shares are being offered at a price of $50.00 per PSUS share, and investors in the PSUS IPO will receive, for no additional consideration, 20 PSI shares for every 100 PSUS shares purchased.

The planned listings would trade under the tickers PS and PSUS.

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