08:37 AM EDT, 06/28/2024 (MT Newswires) -- Pershing Square USA, a fund managed by billionaire Bill Ackman, said on Friday it plans to price its initial public offering in New York at $50 per share.

The company didn't disclose the exact number of shares, but investors must purchase at least 100 shares to participate, according to the company filing to the U.S. Securities and Exchange Commission.

The fund, which will invest in 12 to 15 large, undervalued North American companies, will charge a management fee that will be waived for the first year of its investment operations following the completion of this offering.

It will be listed on the NYSE under the symbol 'PSUS'; Citigroup Global Markets, UBS Securities, BofA Securities, and Jefferies are the underwriters.