Accenture Rises 4.6% in First Trading Session
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Accenture (ACN) shares rose 4.6% in their first day of trading on the New York Stock Exchange on Thursday, closing at $15.17, up 67 cents from the $14.50 offering price.
The consulting company, formerly known as Andersen Consulting, had been seeking a price range of $13 to $15.
It was the fifth-biggest IPO of the year and the second consulting company. KPMG Consulting Inc. (KCIN) went public in a $2-billion offering in February. KPMG Consulting’s shares, which rose by about 30% on the first day of trading, have since declined 22%.
At $14.50 a share, Accenture is valued at $14.4 billion.
Companies this year have been squeezing as much from their IPOs as possible, leaving little room for gains once the shares begin trading. Kraft Foods Inc. (KFT) shares closed at $31.32 Thursday--barely above their June 12 offering price of $31.
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