Pershing Square, the hedge fund led by Bill Ackman, is set to sell shares at $50 each in its upcoming initial public offering in New York. While the date of the IPO has yet to be set, shares will be listed under the ticker symbol “PSUS", according to a report by BayStreet.

Several banks including Citigroup, UBS and Jefferies Financial Group have been enlisted to underwrite the IPO.

Ackman is aiming to make his hedge fund and investment portfolio accessible to a broader audience, including retail investors, although the IPO requires the purchase of at least 100 shares, which equates to a minimum investment of $5,000.

In conjunction with the IPO, Ackman is also launching a new fund which will target 12 to 15 large, undervalued North American companies and will charge investors a flat 2% management fee.

Last month, Pershing Square, which currently manages approximately $20bn in assets and typically invests in 10 to 12 blue-chip stocks, raised $1.05bn by selling a 10% stake in the IPO, valuing the hedge fund at over $10bn.

Ackman's past stock-picking record has been mixed with winning bets on Alphabet and Chipotle Mexican Grill, offset by underperforming investment in Howard Hughes Holdings and Canada's Restaurant Brands International.