KPMG's IPO Scheduled for Week of February 5
The consulting arm of KPMG is scheduled to go public the week of February 4, 2001. The stock is expected to trade on the Nasdaq under the symbol "KCIN."
KPMG Consulting Inc. and its lead manager for the deal, Morgan Stanley Dean Witter & Co., are expecting to sell 112 million shares at between $16 and $18 apiece. KPMG Consulting will offer approximately 29 million shares in the IPO, and its parent, KPMG LLP, will offer approximately 83 million shares.
Last year the company announced plans to raise $2.35 billion by selling 324.25 million shares at approximately $7.25 per share. The company has since changed the number of shares to be offered three times, and increased the offering price once. The company originally planned to go public in October, but postponed its float until market conditions improved.
Analysts are saying that the KCIN stock will be a buy and hold investment, a solid but unspectacular IPO.