Pershing Square, the hedge fund firm led by billionaire Bill Ackman, is moving forward with the initial public offering of its Pershing Square USA closed-end fund, although the pricing date has yet to be announced, according to a report by the Wall Street Journal.
The firm made a statement to that effect on Friday following an earlier notice from the New York Stock Exchange indicating a postponement of the IPO. The NYSE subsequently updated the fund’s status on its website to “pending on a date to be announced.”
The delay came shortly after Ackman wrote a letter to existing investors last week urging them to participate in the IPO as soon as possible to bolster the fund’s strength.
Ackman had initially suggested that the IPO could raise up to $25bn but recent SEC filings indicate the firm has since revised its target to a more modest $2.5bn to $4bn.
