In the third biggest IPO of the year, the world’s largest consultancy braved market conditions offering about 12% of the company’s stock.
Shares were set at $14.50 and rose to $15.17 by the end of trading yesterday.
The majority of the shares went to institutions and that proportion is reported to have risen yesterday as smaller investors made a quick profit by selling after the market opened.
Joe Forehand, Accenture chairman and CEO, described the day as ‘exciting and historic’.
‘By becoming a public company, we are creating opportunities for growth in the best interests of our clients, shareholders and people around the world.’
‘We will now be better positioned to deliver a broader range of capabilities and solutions to address the increasingly sophisticated needs of our clients and to create value and opportunity for all of our stakeholders,’ he said.
Partners at Accenture voted to go ahead with a partial flotation in April and are said to have received shares an average valued at about $4.5m (Pounds 3.15m) each at the opening price. But as part of the deal, partners are understood to have agreed to a 50% reduction in pay.
Accenture, formerly part of Andersen Worldwide, made its split with Arthur Andersen following a lengthy arbitration process which concluded last year. The consulting wing went on to change its name before deciding to float on the New York Stock Exchange.
KPMG floated its consulting wing back in February at an initial price of $18 a share, valuing it at $3bn. Shares are now trading at about $14.22 on the NASDAQ.
Meanwhile, Deloittes have run advertisements in the Financial Times and the Wall Street Journal with the statement: ‘Deloitte Consulting is proud not to announce an IPO.’
The broadside also said: ‘There are clients. And there are stock analysts. To work with consultants who are focussed on the former rather than the latter, talk to us.’
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