Pershing Square IPO Targets $5B Raise

Bill Ackman's Pershing Square USA Ltd. IPO expected to raise about $5 billion, the low end of its $5‑$10 billion target.
The offering includes complimentary shares of Pershing Square Inc. and is roughly 85% covered by institutional investors.
$2.8 billion of the total comes from a private placement disclosed in SEC filings.
Order book closes 4 p.m. NY time Monday, with pricing set for Tuesday as scheduled.