Accenture, which is based in Bermuda and was formerly known as Andersen Consulting, has filed with the US Securities and Exchange Commission to raise up to $1 billion in an initial public offering (IPO).

The international management consulting company plans to sell class A common shares to the public, the exact number of which and the price range will be announced at a later filing.

Goldman Sachs and Morgan Stanley will handle the IPO and the company will apply for a listing on the New York Stock Exchange.

No date has been set for the company's debut but it has chosen a difficult time to go public amid reduced corporate spending on technology. Largely because of market volatility more than 90 companies from different industries have withdrawn their IPO plans since the start of the year.

KPMG Consulting Inc, one of Accenture's largest rivals, raised $2 billion when it went public in February, but its shares were down this week to less than $13.50 from an IPO price of $18. Yesterday, KPMG announced it was cutting five percent of its workforce.

While this slowdown is acknowledged by Accenture, it sees no reason not to proceed. In the IPO prospectus it states: "While we are now seeing some evidence of a business slowdown in some markets, we have not yet observed tangible signs of a contraction in our business.'' Accenture was established after the partners of accounting firm Arthur Andersen and the partners of Andersen Consulting were unable to agree on a way forward as a single business. Andersen Consulting was then spun off as Accenture with its registration in Bermuda.

Joe Forehand, managing partner and chief executive officer, said: "This will be a partial listing and the partners will control and be, by far, the majority shareholder.'' He said it has not yet been determined if ten percent or less of the company will be taken public, but said: "It will be a relatively small amount. The partners would control most of the shares and we would be formalising the exact amount over the next six to eight weeks.'' Partners in Accenture stand to gain millions from an IPO , but will have to wait a year before they can sell more than ten percent of their shares. They will be required to wait until retirement before selling 25 percent of their stock.

Mr. Forehand said: "It is effectively an eight-year lock-up. This whole effort is about the partners investing what used to be cash compensation back in the business.

The IPO filing states the company had revenues of $10.8 billion for the year ended February 28, 2001. Revenues for the six months ended the same date were $5.7 billion, a 22 percent gain on the same period the previous year.