Bill Ackman's US Closed-End Fund Sets IPO Price at $50 Per Share [BNN Bloomberg (Canada)]
Citigroup, Inc. (C)
Last citigroup, inc. earnings: 4/15 08:00 am
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US:NYSE Investor Relations:
citigroup.com/citi/investor/pres.htm
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Source: BNN Bloomberg
The vehicle, known as Pershing Square USA Ltd., didn't mention the number of shares to be sold, nor timing of the offering, in a filing Friday with the US Securities and Exchange Commission. Pershing Square USA is seeking to raise $25 billion from retail investors, Bloomberg News reported, citing people with direct knowledge of the plans. Pershing Square already has an European vehicle with a $10 billion market capitalization. Ackman's fund “returned 50.3% over the past year, outpacing almost all of its US peers, yet trades at a 25% discount to its net asset value,” Bloomberg Intelligence analyst David Cohne wrote earlier this month. “With lower required costs than his typical hedge fund fees and social media popularity, the US-listed Pershing Square USA Ltd. could become the largest closed-end fund in the country and trade at a premium to its net asset value,” Cohne wrote. For the US closed-end fund, Pershing plans to charge a 2% management fee, which would be waived for the
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C
Earnings
- 4/12/24 - Beat
C
Sec Filings
- 6/28/24 - Form FWP
- 6/28/24 - Form 424B2
- 6/28/24 - Form 424B2
- C's page on the SEC website