Overview of the Combined IPO#
Pershing Square USA, Ltd. (PSUS) and its parent company, Pershing Square Inc. (PSI), have announced the pricing for their combined initial public offering (IPO). This IPO will include common shares of PSUS and common stock of PSI, collectively referred to as the Combined IPO.
Trading Details#
The shares are expected to begin trading on the New York Stock Exchange (NYSE) on April 29, 2026. PSUS shares will trade under the symbol "PSUS," while PSI shares will use the symbol "PS." The Combined IPO is anticipated to close on April 30, 2026, pending the fulfillment of standard closing conditions.
Financial Expectations#
The gross proceeds from the Combined IPO and a related private placement are expected to total $5 billion before deducting any fees or expenses. It's important to note that the shares sold in the private placement will not be registered under the Securities Act of 1933, which means they will not be available for public trading immediately.
Company Background#
PSUS is classified as a non-diversified, closed-end management investment company. This means it does not have a history of investments, and its structure is designed to manage a specific portfolio of assets without the obligation to diversify its holdings.