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.
Under Pershing Square Holdings, Ltd, the hedge fund owned shares in several companies between January 1, 2025, and December 31, 2025, according to its S-1 filing with the Securities and Exchange Commission (SEC). Those companies included:
- Alphabet Inc.
- Uber Technologies, Inc.
- Amazon.com, Inc.
- Meta Platforms, Inc.
- Chipotle Mexican Grill, Inc. (since exited)
When is Pershing Square’s IPO?
Pershing Square USA, Ltd.’s and Pershing Square Inc.’s initial public offering date has not been determined yet. It is likely that shares in both companies will go public on the same day.
What is Pershing Square’s stock ticker?
Pershing Square USA, Ltd. will trade under the stock ticker “PSUS.” Pershing Square Inc. will trade under the stock ticker “PS.”
What market will Pershing Square’s shares trade on?
Both PSUS and PS shares will trade on the New York Stock Exchange (NYSE).
What is the IPO share price of PSUS and PS?
The initial public offering price for PSUS shares will be $50. For every 100 PSUS shares investors buy during its IPO, they will get 20 shares in PS.
How much will PSUS raise in the IPO?
Pershing Square says it is aiming for PSUS to raise between $5 billion and $10 billion.
This post has been updated to clarify that Pershing recently sold its shares in Chipotle.