Pershing Square Launches Combined IPO for PSUS and PSI with 1-for-5 PSI Allocation
Pershing Square USA and Pershing Square Inc. announced a combined initial public offering for PSUS and PSI. PSUS shares will be priced at $50, with investors receiving one PSI share for every five PSUS shares. The offering targets at least $5 billion in gross proceeds (including $2.8 billion from a concurrent private placement) and will list PSUS and PSI on the NYSE if completed. Net proceeds go to PSUS, not PSI, and completion depends on SEC review and market conditions. A large underwriter syndicate and preliminary prospectuses are in place.