Andersen Group valued at $1.75bn in IPO for consulting spin-off of Enron auditor

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Andersen Group, the tax and consulting firm started by alumni of Enron’s collapsed accounting firm Arthur Andersen, is set to make its market debut on Wednesday after raising $176mn in an initial public offering.

Andersen, which acquired the rights to the name in 2014, priced its shares at $16 each on Tuesday, at the top of a range set before an investor roadshow, giving the company a fully diluted market capitalisation of about $1.75bn. It will begin trading on the New York Stock Exchange on Wednesday under the ticker ANDG.

Its public offering is a test of investors’ appetite for professional services businesses ahead of what could be a wave of accounting firm IPOs in the coming years.

The company was founded in 2002 by tax partner Mark Vorsatz and about two dozen Arthur Andersen colleagues, originally under the name WTAS. Arthur Andersen collapsed earlier that year after the accounting scandal at Enron, its most important audit client.

Following the firm’s failure, Vorsatz recalled: “I told my wife, ‘Maybe I can go back to United Airlines and load bags on airplanes.’”

“She said, not a chance. Go for your dream and build a new company,” he recalled in a letter to prospective investors.

Andresen has 2,300 employees providing tax, advisory and valuation services across the US. Wealthy families account for a little over half its business, according to its IPO prospectus.

It had revenues of $668mn in the first nine months of 2025, up 13 per cent on the same period last year. Net income fell 55 per cent to $66mn as it spent money and adjusted its staff pay in preparation for its IPO.

The listing will allow Andersen to pursue acquisitions, it says, including by buying companies overseas.

The Andersen Global network consists of more than 300 independent companies across 180 countries that collaborate on work for international clients.

Vorsatz is hoping to carve out a niche in the US public markets, where only one other accounting firm, CBiz, is listed.

Professional services companies have a mixed record on the stock market, as investors can be unsure how to value a business that relies heavily on the personal relationships of senior partners.

But other accounting firms are starting to consider the US public markets, after a wave of takeovers by private equity groups that will be looking to exit their investments in coming years.