Overview of the IPO#
Pershing Square USA, Ltd. and Pershing Square Inc. have announced the pricing of a combined initial public offering (IPO) that aims to raise $5 billion. This amount is before accounting for any sales fees or offering expenses. The shares are set to begin trading today on the New York Stock Exchange under the ticker symbols NYSE:PSUS for Pershing Square USA and NYSE:PS for Pershing Square Inc.
Company Background#
Pershing Square USA is a closed-end management investment company, meaning it does not continuously offer shares to the public like open-end mutual funds. It has no prior investment history and will be managed by Pershing Square Capital Management, L.P. On the other hand, Pershing Square Inc. serves as the parent company of this investment management firm, which is registered with the U.S. Securities and Exchange Commission (SEC).
Closing Details#
The combined IPO is expected to close on April 30, 2026, pending standard closing conditions. Additionally, there will be a private placement of shares that is related to this IPO. It’s important to note that these shares will not be registered under the Securities Act of 1933, which governs the sale of securities in the U.S.
Underwriters Involved#
Several financial institutions are involved in this IPO. Citigroup Global Markets Inc., UBS Securities LLC, BofA Securities, Inc., Jefferies LLC, and Wells Fargo Securities, LLC are acting as global coordinators and bookrunners. RBC Capital Markets, LLC, BTG Pactual S.A. - Cayman Branch, and Keefe, Bruyette & Woods, Inc. are also serving as bookrunners for the offering. The registration statements for these securities were approved by the SEC on April 28, 2026.