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KPMG Decreases Size of IPO, Raises Price WASHINGTON, D.C., Jan. 20, 2001 (SmartPros) The initial public offering roller coaster at KPMG Consulting continues as the company clips the number of shares to be offered but raises the estimated price range of its pending IPO, according to a recent ruling with the Securities and Exchange Commission. The McLean, Va.-based company has increased the price range to $16 to $18 a share, versus $6.75 to $8.75 a share, according to the filing. In addition, the number of shares to be offered has gone from 354.6 million to 112 million. KPMG Consulting is offering 29 million of the shares while its parent company, KPMG LLP, is offering 83 million. KPMG Consulting said it expects to use about $400.3 million of the proceeds to repurchase from Cisco Systems, Inc. that portion of Series A preferred stock that will not be converted into shares of KPMG Consulting's common stock. Immediately following the offering, KPMG LLP, the non-U.S. KPMG International member firms and their respective partners, will collectively own no more than 19.9 percent of the company's common stock. KPMG Consulting has applied to list the common stock on the Nasdaq Stock Market under the symbol KCIN. The underwriters include Morgan Stanley Dean Witter & Co., Goldman Sachs Group Inc., J.P. Morgan Chase & Co. and Merrill Lynch & Co. -- SmartPros News Staff Send comments to information@smartpros.com. 2001, Smartpros Ltd. All Rights Reserved. |
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