Pershing Square, led by billionaire Bill Ackman, is planning a US initial public offering (IPO) at $50 per share.
A report by the Dow Jones financial newswire says the hedge fund will be listed on the New York Stock Exchange under the ticker symbol PSUS.
In May, The Wall Street Journal reported Ackman’s intention to take his firm public, valuing it at approximately $10.5 billion. The move would be unusual in the hedge fund industry, which has seen few IPOs since the 2008-09 financial crisis.
Pershing Square's recent prospectus outlines plans to go public by 2025 or 2026, with Ackman as the CEO. The IPO will require a minimum purchase of 100 shares, equating to a $5,000 investment, Dow Jones reported.
Pershing Square Holdings (LSE:PSH) is the firm's London-listed, closed-ended investment company.