Overview
- Pershing Square Inc. will trade on the NYSE under PS alongside Pershing Square USA under PSUS, with both securities listed at the same time but trading independently.
- IPO buyers of 100 PSUS shares will receive 20 Pershing Square shares at no extra cost, while private-placement investors will receive 30 Pershing Square shares per 100 PSUS.
- The combined offering targets $5 billion to $10 billion, backed by $2.8 billion in commitments from family offices, pension funds, insurance companies and ultra-wealthy investors.
- Citigroup, UBS, Bank of America, Jefferies and Wells Fargo are leading the underwriting for the transaction.
- PSUS will be priced at $50 per share, charge a 2% management fee with no performance fee, and the filing says Pershing Square Inc. will not receive proceeds from the fund’s IPO.