Apr. 29 at 11:43 PM
Bill Ackman’s long-anticipated U.S. listing of Pershing Square USA ended with a weak debut, as the new closed-end fund dropped sharply on its first day of trading. Shares were priced at
$50 in the IPO but quickly slid after listing, falling as low as
$40.33 before closing down about 18% at
$40.90.
The poor performance marked an unexpected setback for Ackman, who had spent years preparing for a U.S. public offering and expected strong retail investor demand. Instead, the immediate sell-off suggested limited appetite for the structure or pricing of the new vehicle.
While the fund itself struggled, shares of Pershing Square’s hedge-fund firm also showed mixed movement, highlighting a cautious reception from the market overall on debut day.
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