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\u00a0A highly-anticipated initial public offering for billionaire hedge fund manager Bill Ackman\u2019s U.S. closed-end fund is postponed, according to an update on the New York Stock Exchange\u00a0website<\/a>.<\/p>\n Pershing Square USA Ltd. had already scaled back the size of its planned first-time share sale from a target of about $25 billion to between $2.5 billion and $4 billion. Now, the listing has been delayed until a date to be announced, according to the NYSE website. The offering was slated to price on Monday before trading the following day, according to terms of the deal seen earlier by Bloomberg News.\u00a0<\/p>\n Representatives for Pershing Square and NYSE declined to comment.<\/p>\n The notice came a day after Pershing Square USA filed a regulatory\u00a0update<\/a>\u00a0with the US Securities and Exchange Commission that featured a letter he wrote to investors July 24. In the letter, the head of Pershing Square Capital Management said the firm was scaling back the expected proceeds from the deal and had brought in a range of orders from a \u201cdiverse group of investors\u201d that included Seth Klarman\u2019s Baupost Group.<\/p>\n At $25 billion, Pershing Square USA would\u2019ve been the largest closed-end fund in the US. The price of the shares had been set at $50 each, the filings show.<\/p>\n In Ackman\u2019s July 24 letter, he wrote that the \u201c$25 billion number in the media initially anchored investors in thinking the deal would be too large.\u201d The anchoring could be helpful for the final outcome, he said.<\/p>\n Postponements of closed-end fund offerings don\u2019t happen often except for when market-driven events close exchanges, according to Kim Flynn, President at Chicago-based XA Investments, which has a closed-end fund consulting practice.<\/p>\n \u201cUsually CEF sponsors take what they can raise and don\u2019t risk postponing,\u201d Flynn said in an email.<\/p>\n Pershing Square has a European-listed fund that trades at a discount compared to the underlying value of its assets \u2014 an issue that has historically plagued closed-end offerings. Analysts including Bloomberg Intelligence\u2019s David Cohne had said the fund had the\u00a0potential<\/a>\u00a0to trade at a premium to its net asset value, however.<\/p>\n Pershing Square, the management firm that oversees the closed-end funds and hedge funds,\u00a0sold<\/a>\u00a0a 10% stake in itself ahead of a potential IPO down the road, according to a statement June 3. The management company\u2019s IPO could come as soon as late 2025 or 2026, Ackman said earlier this month on a call with potential investors in the US closed-end fund.<\/p>\n<\/div>\n\nRecommended Newsletter: <\/strong>CEO Daily provides key context for the news leaders need to know from across the world of business. Every weekday morning, more than 125,000 readers trust CEO Daily for insights about\u2013and from inside\u2013the C-suite. Subscribe Now<\/a>.<\/div>\n<\/div>\n