Carl Icahn is all over the news today and yesterday, after he revealed the extent of his faith in Herbalife Ltd. (NYSE:HLF). It’s been a busy day for the hedge fund manager on more than one front, however. His investment vehicle, Icahn Enterprises L.P. (NASDAQ:IEP), announced after the close on Thursday that it was commencing a public offering of depository units. The units represent limited partner interests in the firm.

Carl Icahn

Icahn Enterprises L.P. (NASDAQ:IEP) is a diversified holding company that owns subsidiaries, primarily in Investment, Automotive, Energy, Gaming, Railcar, Food Packaging, Metals, Real Estate and Home Fashion. The firm’s shares traded down by around 1% today, and were down as much as 10% in after hours trading.

The offering of depository units will be made by means of a prospectus only, according to the statement released by the company. Jeffries & co. will handle the offering, and the prospectuses will be made available through contact with that company.

Last week, the company announced that it would begin trading ex-dividend on February 19. The firm announced on February 11 that it would increase its dividend to $4 annually. The dividend is payable to investors in cash or in depository units. The firm paid a dividend of $1.40 last year with $1 in depository  units, and the outstanding balance paid in cash.

Since they began trading ex-dividend on February 19, Icahn Enterprises L.P. (NASDAQ:IEP) shares have lost more than 11% of their value. Comparisons to share prices earlier in the year are not comparable because of the change in the way it has been traded. Carl Icahn is estimated to own around 93% of the current outstanding depository units.