July 19, 2001: The Bermuda-based consulting giant's market debut drew a mediocre response from investors, rising only 4% above its offering price. Accenture, the former consulting arm of the now defunct accounting firm Arthur Andersen, issued 115 million shares at $14.50 a share. The offering closed its first day of trading on the New York Stock Exchange at $15.10 a share valuing the company at about $6 billion. Interestingly, Morgan Stanley led the underwriting of the offering only five months after underwriting the offer of Accenture's main rival KPMG Consulting. In the run up to the Accenture offer, Morgan Stanley analysts downgraded KPMG Consulting shares leading some at the time to cry foul. The alleged attempt to push KPMG Consulting investors to switch horses may have led to the weak debut. —Matthew Wurtzel
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