Pershing Square USA, Ltd. ("PSUS") and Pershing Square Inc. ("PSI") announced the pricing of a combined initial public offering covering PSUS common shares of beneficial interest and PSI common stock. PSUS is an investment company managed by Pershing Square Capital Management, L.P. ("PSCM"); PSI is PSCM's parent company.
The firms said the PSUS Shares and PSI Shares are expected to commence trading on the New York Stock Exchange on April 29, 2026. The PSUS Shares will trade under the symbol "PSUS" while the PSI Shares will trade under the symbol "PS." The closing of the Combined IPO is anticipated on April 30, 2026, contingent on the satisfaction of customary closing conditions.
In coordination with the Combined IPO close, PSUS and PSI expect to finalize a previously disclosed combined private placement of PSUS Shares and PSI Shares. Together, the proceeds to PSUS from the Combined IPO and the Combined Private Placement are expected to total $5 billion in gross proceeds before deducting sales loads, placement fees and offering expenses.
The announcement noted that the sale of shares in the Combined Private Placement will not be registered under the Securities Act of 1933, as amended.
The filing materials identify PSUS as a non-diversified, closed-end management investment company with no investment history. No additional operating or investment track record for PSUS was cited in the announcement.
Offer mechanics and timing - The offering is structured as a combined public offering of PSUS and PSI shares together with a previously announced private placement. Trading on the NYSE is scheduled to begin before the expected closing date, and the parties have indicated that customary conditions must be met for the transactions to close.
Proceeds and registration - Gross proceeds expected to flow to PSUS from the public and private components of the transaction are projected at $5 billion prior to customary deductions. The private placement portion will not be registered under the Securities Act of 1933.
Corporate context - PSUS is described as a non-diversified, closed-end investment entity managed by PSCM; PSI is the parent of PSCM.