NEW YORK (CNNfn) - Accenture Ltd., formerly known as Andersen Consulting, priced its long-awaited initial public offering Wednesday, raising nearly $1.7 billion.|
Bermuda-based Accenture sold 115 million shares at $14.50 each via lead underwriters Goldman Sachs and Morgan Stanley. Accenture had planned to price 115 million shares at $13 to $15 each.
Accenture, the world's largest management consulting firm, initially filed for the IPO in April. Accenture partners are not selling shares in the IPO and will hold 82 percent of the company's voting power once the offering is completed. Accenture is immensely profitable, posting $1.5 billion in operating income on $10.1 billion in revenue for the nine-month period ending May 31.
Accenture will trade Thursday under the New York Stock Exchange symbol "ACN."