To be listed next week? Pershing Square Holdings' Pershing Square Holdings (PSUS.US) IPO is expected to price at $50 per share, raising $20 billion.

Bill Ackman's closed-end fund, Pershing Square USA (PSUS.US), announced on Tuesday that it had filed its latest preliminary registration statement for an initial public offering (IPO), showing a $2bn offering size, down from the approximately $25bn Ackman had pitched to potential investors in early July, and below the $2.5bn-$4bn range Ackman had mentioned in a letter to investors last week. The document showed the company planned to issue 40m shares at $50 each.

Pershing Square USA's IPO is expected to price after the market close on August 5. Pricing will depend on the date the U.S. Securities and Exchange Commission declares the registration statement effective. The fund is scheduled to begin trading on the New York Stock Exchange on Tuesday.

The fund's IPO was originally due to get approval from the SEC in early July, but was delayed after Pershing Square USA filed a regulatory update that included a letter Ackman wrote to investors on July 24, in which Ackman said the company was reducing the expected returns of the transaction.

Pershing Square USA's IPO was originally scheduled to price on Monday, but was then delayed.

According to Bloomberg News, Seth Klarman's Baupost Group decided not to invest in the fund late Monday, Ackman said in a letter to investors last week. Baupost was one of the potential backers, Ackman said, and would invest $150m in the IPO.

Pershing Square USA plans to invest the net proceeds of the IPO in line with its investment targets and policies.

The company said it had filed a registration statement with the U.S. Securities and Exchange Commission for a N-2 form relating to its common stock, but it has not yet become effective.

Citi, UBS Investment Bank, Bank of America Securities and Jefferies are global coordinators and bookrunners for the IPO. BofA Securities, Royal Bank of Canada Capital Markets, BTG Pactual, Barclays and Deutsche Bank Securities are also bookrunners.