KPMG IPO Off to Fast Start

KPMG IPO Off to Fast Start

KPMG Consulting Inc. of McLean, Va., jumped to a quick start on its first day of trading as a public company. Its stock price rose 30 percent, closing at $23.48 when it opened Feb. 8.

The price has held relatively steady, closing at $23 on Feb. 12.

In its Securities and Exchange Commission filings, KPMG had priced its stock at $18 a share. The price opened Feb. 8 at $20.44 and hit a high of $24.25. More than 89 million shares were traded.

The company raised about $2 billion in the initial public offering. Most of the proceeds will go to KPMG Consulting's former parent, accounting firm KPMG International of New York and investor Cisco Systems Inc. of San Jose, Calif.

Analysts expect other consulting wings of the Big 5 accounting firms also to venture into the IPO market in the next year, especially Accenture, which formerly was Andersen Consulting.

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