00:00It's Benzinga bringing Wall Street to Main Street.
00:02Bill Ackman is expected to raise $5 billion for a new closed-end fund as part of a combined
00:07initial public offering of Pershing Square Inc., according to Reuters. Pershing Square Inc. will
00:13begin trading on Wednesday under the ticker PS, while Pershing Square USA will trade under PSUS
00:19at $50 per share. Ackman reduced the fundraising target from $5 billion to $10 billion down to
00:26$5 billion. The offering was oversubscribed, with more than 85% of orders from institutional
00:32investors. About $2.8 billion is expected from Cornerstone Investors with a six-month lockup.
00:39Investors will receive additional shares as incentives. Ackman built his reputation by
00:44launching campaigns to improve companies like Canadian Pacific Railway and Chipotle Mexican
00:48Grill, and more recently commenting on Politics on X. For all things money, visit Benzinga.com.
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