Accenture planning IPO for July
Consulting firm Accenture is planning to undertake its long-awaited flotation on the New York Stock Exchange in July.
The firm, which is being advised by investment bankers Morgan Stanley and Goldman Sachs, is expected to file an amended S1 form with the SEC in the next six to eight weeks, giving details of its projected valuation.
According to Sunday Business demand for the stock is expected to be higher than for rival KPMG Consulting, which raised $2bn on floatation in February. Accenture hopes to raise up to $1bn when it makes its global offering.
Accenture originally planned to debut on the technology-heavy NASDAQ index, but has since chosen the NYSE to avoid the fall-out from the collapse in the IT sector.
Its financial position remains strong, despite the downturn in the US market. Six-month revenues increased by 22% to $5.7bn, with a spokesperson claiming the consultancy was more resilient than its rivals.