Well-known investor Bill Ackman has filed to take his hedge fund Pershing Square Capital Management public on the New York Stock Exchange.
Pershing Square plans to list on the NYSE under the ticker symbol “PS.” An exact date for the initial public offering has not yet been set.
Buying stock in Pershing Square will give investors a stake in Ackman’s hedge fund, which runs a concentrated portfolio of large-cap stocks such as Uber (UBER) and Amazon (AMZN).
Ackman has long cited famed investor Warren Buffett as a role model and said he wants to build a holding company similar to Buffett’s Berkshire Hathaway (BRK.A / BRK.B) that focuses on value investing
However, the IPO of Pershing Square will have a complicated dual listing structure.
Pershing Square’s common shares and the shares of its closed-end fund, PSUS, will both trade on the New York Stock Exchange.
The securities will be listed at the same time but will trade separately, allowing investors to buy or sell each independently.
In a regulatory filing, Ackman is seeking to raise between $5 billion U.S. and $10 billion U.S. for PSUS with investors able to purchase shares at $50 U.S. each.
Pershing Square said that it expects to deliver 20 shares of Pershing Square Capital Management’s common stock for every 100 PSUS shares purchased in the IPO, at no additional cost.
Ackman is also reportedly looking to leverage his following among individual retail investors after he accumulated more than two million followers on social media.
A previous plan by Ackman to take Pershing Square public and raise up to $25 billion U.S. failed in 2024.
Since then, Pershing Square has increased its stake in Howard Hughes Holdings (HHH), which it sees as a vehicle for acquiring majority stakes in other companies, similar to Berkshire Hathaway.
