Bill Ackman’s Pershing Square USA Sinks 16% After $5 Billion IPO
Bloomberg.com • • business
Key Points:
- Shares of Bill Ackman’s Pershing Square USA Ltd. dropped 18% on their debut following a combined IPO that raised $5 billion for the closed-end fund and his alternative asset manager.
- Pershing Square USA closed at $40.90 per share, below the $50 IPO price, indicating a significant initial loss for investors.
- Shares of the asset manager Pershing Square Inc. ended slightly higher at $24.20, up nearly 1% from their opening price.
- Investors purchasing five shares in the IPO would face an approximate 9% loss when factoring in stock distributed in the management company.
