Bill Ackman's Pershing Square plans to raise approximately $5 billion in its IPO.

CoinFeed reported on April 27 that, according to Bloomberg, Bill Ackman's closed-end fund Pershing Square USA Ltd. and alternative asset management firm Pershing Square Inc. are conducting an initial public offering (IPO), expected to raise approximately $5 billion in total, the lower end of the previously announced target range of up to $10 billion. This includes a $2.8 billion private placement already disclosed in SEC filings. Approximately 85% of the offering has been subscribed by institutional investors, with book-building scheduled to close at 4 PM New York time on Monday, and pricing to be determined on April 28.