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, which is at the low end of its target fundraising range. Insiders, who did not want to be named because the information is not public, said that about 85% of the shares being offered by Pershing Square Holdings have been subscribed to by institutional investors in the United States. Insiders say that the $5 billion figure includes the $2.8 billion in private placements that have already been disclosed in filings with the U.S. Securities and Exchange Commission. The deal is expected to stop accepting subscriptions at 4pm New York time on Monday and is scheduled to be priced on April 28th. The IPO was initially intended to raise up to $10 billion, according to previous statements.