Yahoo Finance Pershing Square Starts IPO Roadshow for US Closed-End Fund
(Bloomberg) -- Pershing Square has started a roadshow for the initial public offering of a US closed-end vehicle, which could be the largest fund of its kind in the US.
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The filing by Bill Ackman’s Pershing Square USA Ltd. also revealed the full list of banks working on the IPO, fleshing out the roster beyond global coordinators Citigroup, UBS, Bank of America and Jefferies who are leading the offering.
Wells Fargo, RBC, BTG Pactual, Barclays, and Deutsche Bank are acting as bookrunners on the deal, according to a filing Tuesday. About twenty additional banks are involved in more junior roles.
Pershing Square USA has been planning to raise about $25 billion from the offering, Bloomberg News has reported. It will likely raise money mostly from institutional investors with some retail interest as well, a person with knowledge of the matter said last week.
It has set the IPO price at $50 per share, will apply to list on the New York Stock Exchange and intends to trade under the symbol PSUS, the Tuesday filing confirmed.
“With lower required costs than his typical hedge fund fees and social media popularity, the US-listed Pershing Square USA Ltd. could become the largest closed-end fund in the country and trade at a premium to its net asset value,” Bloomberg Intelligence analyst David Cohne wrote last month.
(Adds institutional interest in fourth paragraph.)
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