Billionaire Bill Ackman's Pershing Square IPO is expected to raise $5 billion.

Insiders say that billionaire Bill Ackman's closed-end fund and alternative asset management company's initial public offering is expected to raise about $5 billion, at the lower end of its targeted fundraising range. Insiders, who asked not to be named as the information is not public, said that about 85% of the shares being offered by Pershing Square USA have already been subscribed by institutional investors. Insiders say that the $5 billion size includes $2.8 billion of private placements already disclosed in filings with the Securities and Exchange Commission. Insiders say that the offering is expected to stop accepting subscriptions at 4pm on Monday New York time, with pricing scheduled for April 28th. According to previous statements, the IPO was originally expected to raise as much as $10 billion.