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Investing.com– Bill Ackman’s Pershing Square (LON:) said on Tuesday evening it had raised about $5 billion gross through a combined share placement and initial public offering in the United States.
Pershing Square USA– Ackman’s close-ended fund– will debut on the New York Stock Exchange on Wednesday under the symbol PSUS, while Pershing Square Inc, the management company for all of Ackman’s funds– will begin trade under the symbol PS.
Gross proceeds to Pershing Square USA from the combined IPO and share placement will be $5 billion, the company said in a statement. The figure is largely in line with prior media reports on the offering.
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The IPO is one of the largest U.S. offering in years, and is the biggest-ever IPO for a closed-ended fund.
Reports said that the offering was oversubscribed, with over 85% orders coming from institutional investors.
Ackman founded hedge fund Pershing Square Capital Management in New York in the early 2000s, and rose to fame by launching turnaround campaigns at several major companies, including Chipotle Mexican Grill and Canadian Pacific Railway.
He also famously profited off the 2008 subprime mortgage crisis by buying credit defaul swaps against corporate bonds and MBIA debt– a trade that landed Pershing Square a $1.4 billion to $2.6 billion windfall.
Pershing Square Holdings is a closed-end fund listed in London and is up nearly 53% in the last five years.
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