Update, April 29 at 2:30 p.m.:
Pershing Square opened down 16% in its IPO on Wednesday. PSUS shares were priced at $50 each, and opened around $42 per share.
Original story:
Bill Ackman has made a lot of noise in recent years. On Wednesday, that noise came in the form of ringing the opening bell on the New York Stock Exchange, in honor of the initial public offering of his hedge fund, Pershing Square.
Here’s what you need to know about Ackman’s latest move and the Pershing Square IPO.
What is Pershing Square?
Pershing Square Inc. is the parent company for Ackman’s hedge fund, Pershing Square Capital Management, and the closed-end management company Pershing Square USA.
What is being offered on the market?
Shares in Pershing Square Inc. and Pershing Square USA are being put on the market in a combined IPO, with two stocks.
When is Pershing Square’s IPO?
The combined IPO for the two stocks is Wednesday, April 29.
What are the stock tickers?
Pershing Square Inc. shares will be traded under the symbol “PS” while Pershing Square USA shares will be traded under the symbol “PSUS.”
What is the IPO share price of the two stocks?
The IPO price is set at $50 per share for PSUS, with IPO shares in PS issued as a bonus. For every five shares in PSUS, one share in PS was issued to the buyer. After the IPO, the stocks will trade separately.
How much did Pershing Square raise in its IPO?
The combined IPO raised approximately $5 billion. That comes at the low end of the target range, which was as much as $10 billion.
How much is Bill Ackman worth?
According to Forbes, Bill Ackman’s net worth is $9.1 billion.