Hewitt Files for $250 Million IPO

March 13, 2002 (PLANSPONSOR.com) - Consulting firm Hewitt Associates Inc. has filed for a $250-million initial public offering (IPO) with the Securities and Exchange Commission (SEC).

The company is selling class A common shares, but did not say in initial documents how many shares were being issued or their price range.

Hewitt executives said in the SEC filing that they made the move to raise capital for growth and development and to give employees an ownership stake, according to a Reuters report.

The Lincolnshire, Illinois-based group also took the step to have stock available as a funding tool for acquisitions and alliances, it said.

Hewitt plans to use $78 million in net proceeds for its transition to a corporate structure and $68 million to repay debt from the distribution of accumulated earnings to its owners, Reuters reported.

The company, which served 270 of the FORTUNE 500 companies in 2001, wants a New York Stock Exchange listing under the symbol “HEW’. Hewitt hired Goldman Sachs to be the lead IPO manager.