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Accenture to raise $1.6B
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June 8, 2001: 7:20 p.m. ET
Former Andersen consultants boosts offering; Principal Fin'l files $2.9B IPO
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NEW YORK (CNNfn) - The world's largest consulting firm, Accenture Ltd., plans to raise more than $1.6 billion with its initial public offering.
In documents filed with the Securities and Exchange Commission on Friday, the company said it plans to sell 115 million shares between $13 and $15 per share.
The amount is about $600 million more than originally anticipated when the company announced its IPO intentions in April.
No date was given for when the offering might take place.
After the IPO, the partners will control about 80 percent of the shares, the company said.
On Thursday, Accenture said it was cutting 1,400 jobs.
Led by Goldman Sachs and Morgan Stanley Dean Witter, the company will trade as "ACN" on the New York Stock Exchange.
Principal files IPO
Principal Financial Group filed with the Securities and Exchange Commission to raise as much as $2.94 billion.
The company plans to offer 109 million shares assuming an IPO price of $19 a share via lead underwriter Goldman Sachs. However, the company did not list an IPO price in the initial filing and will set the terms later. The IPO would raise nearly $2 billion at the tentative $19 price.
The offering is the latest from a demutualized insurer. Prudential Financial Inc., the No. 2 U.S. life insurer, filed in April to raise $3.9 billion. Prudential Financial, the holding company, is the new name for the demutualized firm of Prudential Insurance Co. of America.
Principal Mutual Holding Co. is changing from a mutual insurance firm to a stock company. After the demutualization, Principal Financial Group Inc. will indirectly own all outstanding shares of Principal Life Insurance Co.
Des Moines, Iowa-based Principal Financial is currently a unit of Principal Mutual.
Principal Financial provides retirement savings, investment and insurance products. The company has $113 billion in assets under management and nearly 13 million customers worldwide.
Principal Financial plans to trade on the New York Stock Exchange under the symbol "PFG." 
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