Petr Kratochvil
The IPO will result in two public companies. Their shares started trading on the New York Stock Exchange on April 29 under the tickers PS (Pershing Square) and PSUS (Pershing Square USA). Pershing Square USA shares were offered at a price of $50 per share.
The combined IPO assumed that investors would receive one Pershing Square share for every five Pershing Square USA shares, Bloomberg writes. Participants in the private placement — family offices, pension funds, insurance companies — will receive 1.5 Pershing Square shares for every five shares of the closed-end fund.
Pershing Square USA's IPO was initially expected to raise between $5 billion and $10 billion. In a presentation to investors, Ackman stated that the completion of the private placement depends on whether the overall placement attracts at least $5 billion. According to Bloomberg’s sources familiar with the details of the placement, 85% of the demand came from institutional investors.
source: bloomberg.com
The combined IPO assumed that investors would receive one Pershing Square share for every five Pershing Square USA shares, Bloomberg writes. Participants in the private placement — family offices, pension funds, insurance companies — will receive 1.5 Pershing Square shares for every five shares of the closed-end fund.
Pershing Square USA's IPO was initially expected to raise between $5 billion and $10 billion. In a presentation to investors, Ackman stated that the completion of the private placement depends on whether the overall placement attracts at least $5 billion. According to Bloomberg’s sources familiar with the details of the placement, 85% of the demand came from institutional investors.
source: bloomberg.com
