William Ackman Reduces IPO Target for Pershing Square USA to $2 Billion

William Ackman Scales Back IPO Ambitions for Pershing Square USA

The billionaire investor William Ackman seems to have revised his plans for the upcoming initial public offering (IPO) in New York, particularly regarding its scale. The investment vehicle Pershing Square USA, which Mr. Ackman intends to take public on the New York Stock Exchange next week, is currently targeting a fundraising goal of $2 billion from the share sale, as indicated in a regulatory filing made on Tuesday.

This new figure represents a significant reduction from the lofty ambitions Mr. Ackman had earlier this year, where he initially discussed a target of $10 billion or more. In various investor meetings held in recent months, he even mentioned the possibility of reaching a staggering $25 billion.

It is important to note that the $2 billion figure is merely a placeholder. There remains the potential for Pershing Square USA to raise a greater amount as investors continue to place orders through Monday evening, according to a source familiar with the proceedings who requested anonymity due to the confidential nature of the details.

Mr. Ackman is set to ring the iconic N.Y.S.E. bell the following Tuesday morning, marking the beginning of trading for the stock, as per the source’s information. However, it was also mentioned that the timing of this event could still be subject to change.

The journey to the public market has been anything but smooth for Mr. Ackman and Pershing Square USA. The trading launch was originally slated for Tuesday morning but faced a delay due to the U.S. Securities and Exchange Commission needing to scrutinize a letter Mr. Ackman had sent privately to certain existing investors within his firm.