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Pershing Square USA IPO Targets About $5 Billion After $2.8 Billion Private Placement

The offering is about 85% subscribed by institutional investors, with bookbuilding scheduled to end Monday at 16:00 New York time and pricing set for April 28.

Summary

Pershing Square USA and Pershing Square are conducting an initial public offering expected to raise about $5 billion. The total includes a disclosed $2.8 billion private placement, and about 85% of the offering has already been subscribed by institutional investors. Bookbuilding is due to close Monday at 16:00 New York time, with the IPO pricing scheduled for April 28.

Terms & Concepts
  • IPO: Initial public offering, when a company first sells shares to public investors.
  • Private placement: A sale of securities to selected investors rather than through a public market offering.
  • Bookbuilding: The process underwriters use to gather investor orders and help set an offering price.