Pershing Square IPO: Billionaire Bill Ackman’s hedge fund plans dual stock listing on the NYSE

The hedge fund owns shares in several notable companies, including Alphabet, Meta, Uber, and Chipotle, according to an S-1 filing with the SEC.

Bill Ackman [Photo: Patrick T. Fallon/AFP via Getty Images]

Billionaire investor Bill Ackman is planning to take his Pershing Square management company (PS) public.

But in doing so, Ackman is taking an unusual route: He is also starting a new fund, Pershing Square USA (PSUS), and if you want to get in on the Pershing Square management company’s initial public offering (IPO), the only way to do so is to buy shares in the new fund first.

Here’s what you need to know about Pershing Square’s IPO:

Pershing’s combined IPO

When announcing its intention to go public, Pershing Square Inc. also announced that it will launch a new fund called Pershing Square USA (PSUS), and investors in the new fund will receive a set number of shares in Pershing Square Inc. (PS).

As the company noted in its IPO announcement: “The PSUS 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.”

This, of course, doesn’t mean that PS shares will be unavailable for purchase forever. Rather, if you want to get in on them for the IPO, your only way to do so is to buy shares in PSUS. But once both entities begin trading on the stock exchange, anyone will be able to buy shares in PS and PSUS directly.

What are Pershing Square’s biggest holdings?

Pershing Square, the management company run by Ackman, owns significant holdings in a number of major U.S. companies. 

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