A dual initial public offering is being announced by Pershing Square USA and Pershing Square Inc., spearheaded by Bill Ackman's investment firm.

The deal is contingent on favorable market conditions and the SEC reviewing the registration statements.

The offering targets at least $5 billion in raising, including $2.8 billion from a concurrent private placement, with an overall cap of $10 billion before any underwriter overallotment options.

PSUS will price at $50 per share and will exchange one PSI share for every five PSUS shares purchased at no additional cost to investors.

Underwriters include Citigroup, UBS, Bank of America Securities, Jefferies, and Wells Fargo, serving as global coordinators and bookrunners.

The information comes from a company announcement detailing the proposed public offerings.

PSUS shares are slated to trade on the New York Stock Exchange under the ticker PSUS, while PSI will trade as PS, with all net proceeds going to PSUS and PSI receiving no proceeds.