Updated from 1:35 p.m. ET

KPMG Consulting

(KCIN)

got a rousing welcome from Wall Street as its shares rose sharply in their first day of

Nasdaq

trading Thursday.

KPMG ended the regular session at $23.97, up 14.7% from their opening price of $20.44. The high for the day was $24.25, but the shares settled back to $23.56 in after-hours

Island

activity.

The McLean, Va., technology consulting firm, one of the world's largest with more than $2 billion in yearly revenue, was priced to sell about 112.5 million shares at $18 each.

Morgan Stanley Dean Witter

was the lead underwriter for the initial public offering.