Ackman to Begin Unicorn Hunt After $4 Billion Blank-Check IPO
- Pershing-backed SPAC priced at $20 per unit, trades Wednesday
- Listings by blank-check companies are already at all-time high
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Large, venture-backed businesses that haven’t gone public yet be advised: billionaire investor Bill Ackman now has at least $4 billion in his back pocket ready to put toward a bumper acquisition.
Ackman’s blank-check company -- the latest in a slew of special purpose acquisition companies that have hit the market in recent months -- sold 200 million units for $20 apiece, according to a statement. Pershing Square Tontine Holdings Ltd., backed by Ackman’s Pershing Square Capital Management, is set to begin trading Wednesday on the New York Stock Exchange.