Pershing Square IPO Debuts on NYSE

Pershing Square IPO began trading on the New York Stock Exchange on April 29, 2026, listing two linked vehicles under the PSUS and PS tickers and bringing Bill Ackman's pooled-capital investment structure to public markets.

Offer Structure and Listing Details

The combined IPO raised $5 billion in gross proceeds to Pershing Square USA, Ltd. before sales loads, placement fees, and offering expenses, according to the company’s April 28 press release. The shares were priced at the low end of a reported $10 billion target.

Pershing Square USA, Ltd. common shares sold for $50 each. Buyers received one share of Pershing Square Inc. for every five shares of the closed-end vehicle. The transaction included a $2.8 billion private placement from pre-committed large investors. These unregistered shares under the Securities Act of 1933 are expected to close concurrently on April 30, subject to customary conditions.

More than 85% of orders came from institutional investors. The syndicate was led by Citigroup, UBS, Bank of America, Jefferies, and Wells Fargo as global coordinators and bookrunners.

Pershing Square USA, Ltd. is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940. It is managed by Pershing Square Capital Management, L.P., and has no investment history. Pershing Square Inc., the parent of the management firm, is an SEC-registered investment adviser.

Registration statements on Form N-2 for PSUS and Form S-1 for PSI were declared effective on April 28, 2026. Prospectuses are available via the SEC’s EDGAR system.

The listings mark the public debut of Pershing Square’s listed investment vehicles and place the firm’s management before public-market investors.