Andersen Group Launches $176M IPO Bid to Reclaim Legacy Brand

Andersen Group Inc., the professional services firm carrying on the legacy of the defunct accounting giant Arthur Andersen, is preparing to launch an initial public offering aimed at raising $176 million. The company plans to offer 11 million shares at a price range of $14 to $16 per share, according to a filing with the U.S. Securities and Exchange Commission. If priced at the top of that range, the firm would command a market valuation of approximately $1.75 billion based on its outstanding shares.

Based in San Francisco, the company reported a net income of $65.7 million on $668.3 million in revenue for the nine months ending Sept. 30, 2025. That marks a drop in profitability from $144.5 million in net income during the same period in 2024, despite an increase in revenue. The firm offers services such as tax, valuation, financial advisory, and consulting to both individual and corporate clients as reported in the IPO filing.

Morgan Stanley and UBS Group AG are the lead underwriters for the offering, which is expected to trade on the New York Stock Exchange under the ticker symbol ANDG. The IPO is part of a broader push to raise capital before the end of the year, as companies look to capitalize on a quiet market ahead of the holiday season.

Background and Brand Revival

Andersen Group was founded by former Arthur Andersen partners following the collapse of the original firm in the early 2000s. The original Arthur Andersen was convicted in 2002 for obstructing justice in the Enron accounting scandal, a conviction that was later overturned by the U.S. Supreme Court in 2005. The fallout from the scandal led to the passage of the Sarbanes-Oxley Act, which imposed stricter regulations on audit firms.

The current firm was initially established under a different name in 2002 and later adopted the Andersen brand in 2014 after positive market feedback, as stated by CEO and Chairman Mark Vorsatz in the IPO filing. "I told a long-time friend that 'this was a no brainer,'" Vorsatz wrote, highlighting the strategic decision to reclaim the Andersen name.

Structure and Global Reach

Andersen Group operates as part of a larger Swiss-based structure known as Andersen Global, which includes over 300 legally independent firms worldwide. The firm employs more than 2,200 people in the U.S. and provides services in multiple fields, including tax and financial advisory. The IPO filing also mentioned the firm's role in settling a $16 million claim with Enron creditors in 2009, related to the accounting firm's negligence in auditing Enron.

The firm's decision to go public comes as the U.S. IPO market sees a final push before the end of the year. With underwriters already in place and a clear valuation target, the offering appears to be well-structured and strategically timed. The firm's success will depend on how well investors respond to its services and reputation, which are closely tied to its historical association with Arthur Andersen.

Risks and Investor Considerations

Despite its historical significance and professional services, Andersen Group faces risks related to its market valuation and the broader economic environment. The firm's profitability has declined compared to the previous year, which may raise questions among investors about its future earnings potential. Additionally, the regulatory environment for financial services remains strict, and any misstep could impact its performance.

Investors will also be watching for how the firm plans to differentiate itself from other consulting and financial advisory firms. The brand name may offer a legacy advantage, but execution and growth will determine long-term success. Given the current market dynamics and the IPO's timing, investors may see the offering as an opportunity to capitalize on the firm's strategic rebranding and its position in a key sector.