Billionaire hedge fund manager Bill Ackman made headlines Pershing Square USA goes publicAccording to a notice posted on the New York Stock Exchange’s website Friday.
According to previously disclosed terms of the deal, the deal was expected to be priced on Monday and trade the following day. Bloomberg News report.
The delay came a day after Ackman cut his fundraising target for his U.S. fund from $25 billion to between $2.5 billion and $4 billion.
Even that low goal may prove difficult.
“Bill was unable to raise the more than $1 billion he raised from his friends,” a source directly involved in the IPO told The Post on Friday.
“People want to see where things are trading first before they invest.”
Ackman did not respond to The Washington Post’s request for comment.
Pershing Square issued a press release after the news broke, claiming that the IPO would proceed “with a pricing date to be announced.”
The IPO could launch within the next two weeks at a price of $50 per common share, according to a press release.
Ackman filed an update with the SEC on Thursday, which included a letter he wrote to shareholders of his Pershing Square Capital Management firm asking them to support his new investment venture.
A Harvard University graduate, she gained fame on social media for her posts about the university. Anti-Semitism on college campuses – Told shareholders that “the sooner the better” they should get in on the IPO to “increase the strength” of the deal.
“He doesn’t want a small IPO,” the source said. “99 percent of these companies trade at a discount to their net asset value and he thought his public image would allow him to buck the trend, but that hasn’t been the case.”
Ackman’s fund has returned 16.5% for the year.
The 58-year-old, who has a net worth of $9.1 billion, according to Forbes magazine, endorsed former President Donald Trump shortly after he was shot. I recently sold my shares in that company. Its value was valued at more than $10 billion.
James Franey
