Bill Ackman’s hedge fund filed paperwork to take the company public in March.

Listing for Pershing Square USA set to bring in about $5bn after setting range as high as $10bn

Bill Ackman’s hedge fund filed paperwork to take the company public in March.

The listing gives public investors their first direct stake in Ackman's investment platform, which runs a concentrated portfolio of 10 large-cap names.

Weak investor demand hits hedge fund chief’s scaled-back double offering