Bill Ackman’s $5 billion Pershing Square IPO to start trading, testing Berkshire-style vision

Bill Ackman’s billion Pershing Square IPO to start trading, testing Berkshire-style vision

Key Points

The Pershing Square Capital Management founder’s combined initial public offering raised $5 billion, pricing at the low end of expectations.
The transaction creates two separately traded entities on the New York Stock Exchange: closed-end fund Pershing Square USA Ltd., which will trade under the ticker PSUS, and asset manager Pershing Square Inc., listed as PS.

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