The billionaire investor William Ackman seems to have adjusted his initial public offering ambitions for Pershing Square USA in New York. The investment vehicle is now aiming to raise $2 billion in the upcoming share sale on the New York Stock Exchange, as revealed in a recent regulatory filing.
Initially, Mr. Ackman had discussed targets of $10 billion or even $25 billion earlier this year. The current $2 billion target is considered a placeholder, and there is a possibility of raising more as investors submit orders until Monday night, according to a source familiar with the deal.
Mr. Ackman is expected to ring the bell at the N.Y.S.E. the following Tuesday before trading begins. However, there is a chance of a delay in the timing, as per the same source.
The path to the public market for Mr. Ackman and Pershing Square USA has been challenging. The original trading schedule for Tuesday was postponed as the Security and Exchange Commission needed to review a private letter Mr. Ackman had sent to some existing investors in his firm.
