Accenture to float on Thursday
Consulting firm Accenture is to float on the New York Stock Exchange this week despite lingering doubts over market readiness for such a move.
Provided the NYSE remains calm this week, shares in Accenture, which was formerly part of Andersen Worldwide, will be traded from Thursday. Other IPOs have suffered on the markets this year, and many have been postponed.
But demand for the stock is expected to be higher than for rival KPMG Consulting, which raised $2bn (Pounds 1.4bn) on floatation in February.
Accenture’s financial position is strong, despite the downturn in the US market. Six-month revenues increased by 22% to $5.7bn (Pounds 4.06bn), with a spokesperson claiming the consultancy was more resilient than its rivals.
It has chosen a quiet week in New York for its IPO at which it is selling 12-13% of its equity.
The stock is being offered at between $13 and $15 per share with the 115 million shares expected to raise as much as $1.72bn (Pounds 1.22bn). Morgan Stanley and Goldman Sachs are advising Accenture on the float.
Links
New CFO to take Accenture public
Accenture planning IPO for July
Accenture votes to proceed with float
