PSUS IPO Raises $5 Billion, Trades Below Initial $50 Price

Bill Ackman's Pershing Square USA Ltd. (PSUS) started trading on the NYSE with a combined IPO raising $5 billion, priced at the low end of expectations. Initially targeted between $5 billion and $10 billion, the IPO resulted in PSUS opening at $42, down from the IPO price of $50, and last trading at approximately $40.90, representing an 18% decline. The offering includes a dual structure with a separate entity, Pershing Square Inc. (PS), which opened at $24 and traded around $23.50. This listing enables public investors to gain direct exposure to Ackman's investment strategy and portfolio.