PWC Consulting Files For IPO

The business and technology consultant, which recorded just under $7.4 billion in revenue for fiscal 2001 and has 32,000 employees around the world, filed an S-1 Thursday morning under the name PwCC Ltd. In a release, the company said it expects the IPO to happen in early August.

PWC Consulting first announced its intention to spin itself out into a public company several months ago, simultaneously naming Thomas O'Neill as its new CEO. O'Neill, a 35-year PricewaterhouseCoopers veteran who was the company's COO, replaced former PWC Consulting CEO Scott Hartz, who stepped down in preparation for the split.

Back in January when PricewaterhouseCoopers first announced its intention to spin PWC Consulting off into a public company, CEO Samuel DiPiazza said the move was in part a response to increased SEC scrutiny in the wake of Arthur Andersen's relationship with fallen energy trading giant Enron. Thursday's filing also mentions prevailing concerns in the marketplace about auditors maintaining their independence from consulting and other non-accounting services.

PWC Consulting is also in the process of changing its name to further separate itself from the auditing giant. While it technically has the right to use the name "PwC Consulting" for four years after the IPO closes, the company has already hired brand consultant Wolff-Olins of London to work on the new name.

If it pulls off the IPO, PWC Consulting will follow in the footsteps of fellow Big Five consultants Accenture and KPMG Consulting, which both became public entities last year.