Bill Ackman's Pershing Square to launch $5B dual IPO today

Bill Ackman's dual IPO for Pershing Square and Pershing Square launched on the NYSE. The listings aim to raise $5 billion, backed by a $2.8 billion private placement. Investors receive an incentive structure where one share of the management company is granted for every five shares of the US fund. The offerings are expected to close on April 30.