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Pershing Square USA opened at $42 on its New York Stock Exchange debut, falling 16% below its IPO price of $50, marking a rocky start for a listing that had been years in the making.
The stumble follows years of public campaigning by billionaire hedge fund manager Bill Ackman for a closed-end fund modeled on the investment approach associated with Warren Buffett. The effort culminated in raising $5 billion for the venture.
Pershing Square USA trades under the ticker PSUS and is a closed-end vehicle that lists concurrently with Pershing Square, which trades under the ticker PS. Under the structure, investors receive one share of PS for every five shares of PSUS purchased.
The fund plans to hold positions in 12 to 15 cash-generating large-cap North American companies.
The disappointing opening price adds another test for Ackman. He previously cancelled a planned public listing of Pershing Square USA in 2024, a move widely viewed as an embarrassing reversal, before later reviving the offering.
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