Bailey Lipschultz, Bloomberg News Senior Equities Reporter, discusses how much Bill Ackman's Pershing Square IPO is expected to raise. Billionaire Bill Ackman’s IPO of his closed-end fund and his alternative asset management company is expected to raise about $5 billion, according to people familiar with the matter, the low end of the targeted fundraising range. The deal is expected to to stop taking orders at 4 p.m. New York time on Monday and to price on April 28 as scheduled, the people said.