Accenture Files For $1 Billion IPO
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New York-based tech consulting behemoth Accenture is shrugging off the jittery state of the public markets, filing an S-1 with the Securities and Exchange Commission for a $1 billion initial public offering. Pricing and other details of the IPO have not been announced.
The company said the shares would be traded on the NYSE exchange under the ticker symbol: ACN. Goldman, Sachs and Co. and Morgan Stanley Dean Witter are the lead managers.
Accenture said the proceeds from the offering would be used to cover costs of transitioning to a corporate structure and to repay short-term debt. Money would also be used for working capital, which was previously funded by the company's partners.
As of August 31, 2000, Accenture reported a profit of $2.4 billion on revenues of $9.7 billion. Accenture employs approximately 70,000 employees at 110 offices around the world.
got a cold reception from investors.
In February, Accenture's main rival KPMG Consulting went public and got an initial boost on the first day of trading when the stock jumped more than 25 percent from the target price of $18 per share. KPMG stock is now trading in the $13 range.