The exact timing of the IPO is not yet known, but Pershing Square says that its shares will list on the New York Stock Exchange under the ticker symbol “PSUS.”
The hedge fund has hired several banks to underwrite the upcoming IPO, including Citigroup (C) UBS (UBS) and Jefferies Financial Group (JEF).
Ackman has said that he wants his hedge fund and investment portfolio to be available to everyone, including retail investors.
However, investors will need to purchase at least 100 shares of Pershing Square stock to participate in the IPO, meaning an initial investment of at least $5,000 U.S. is required.
Ackman has also said that he is launching a new fund that will invest in 12 to 15 large, undervalued North American companies and will charge a flat 2% management fee.
In June of this year Pershing Square raised $1.05 billion U.S. by selling a 10% stake in the IPO, valuing the hedge fund at more than $10 billion U.S. ahead of the share sale.
Pershing Square currently has about $20 billion U.S. of assets under management. The hedge fund typically invests in 10 to 12 blue-chip stocks.
Ackman’s track record of picking stocks has been mixed.
While some holdings, such as Alphabet (GOOG/GOOGL) and Chipotle Mexican Grill (CMG) have outperformed the market, other stocks such as Howard Hughes Holdings (HHH) and Canada’s Restaurant Brands International (QSR) have badly underperformed.