Accenture Heads for IPO Market

The 2,500 partners of Accenture Ltd. voted to pursue an initial public offering of stock. The technology and management consulting firm, based in Hamilton, Bermuda, hopes to raise $1 billion.

Accenture filed a registration statement April 19 with the U.S. Securities and Exchange Commission, but no date has been set for the offering. The number of shares and the price range will be disclosed in a later filing. Accenture will apply for a listing on the New York Stock Exchange under the symbol ACN.

According to the SEC filing, the money raised by the IPO may cover expenses resulting from the corporate transition, including the repayment of short-term borrowings; for working capital, which was previously provided by the partners; or for general corporate purposes.