Bill Ackman’s Pershing Square IPO Misses Target Price—Down 16%

The initial public offering for billionaire Bill Ackman’s hedge fund Pershing Square was off to a rocky start after opening on Wednesday afternoon, with shares for his company’s closed-end fund trading roughly 16% below their target price.

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Billionaire Bill Ackman Achieves His Long-Awaited U.S. I.P.O.

On Wednesday morning, Mr. Ackman stood alongside his wife, Neri Oxman, and a phalanx of employees to celebrate the start of trading on the New York Stock Exchange of a new stock-picking fund, called Pershing Square USA, as well as shares of its parent company, Pershing Square Inc. The I.P.O. raised $5 billion.

Pershing Square Holdings, Ltd. ("PSH") Notes the Closing of Initial Public Offering of Pershing Square USA, Ltd. ("PSUS") with Aggregate Offering Size of $5 Billion

Pershing Square Holdings, Ltd. (LN: PSH) (LN: PSHD) today noted the closing of the initial public offering of the common shares of beneficial interest of Pershing Square USA, Ltd. (NYSE:PSUS), a NYSE-listed U.