Bill Ackman certainly didn't wow investors on Monday as shares of his Pershing Square Holdings sank as much as 10.8 percent in their debut on the Euronext Amsterdam Exchange.
The shares, priced at $25 — giving the fund a market cap of $6.2 billion — rallied toward the end of the session to close at $23.50, down 6 percent.
"The stock is down, which is good," Ackman said. "If it went up we'd have sold it too low."
Ackman, who plans to use the permanent capital to supply a more reliable capital base to make investments, raised more than $3 billion in the offering. It is separate from Ackman's $14 billion Pershing Square Capital fund.
Ackman, 48, is expected to use the capital to make investments in the US.
In fact, Ackman is expected to take a "decent-sized stake" in a US company in the near future, the billionaire hedgie said after ringing the gong to open trading in his fund.
Neither the name of the company nor sector in which the investment will be made was disclosed — although Ackman said he will make it public in the next 45-to-60 days.
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