Ingram Micro Launches IPO, Chasing $5.4 Billion Valuation

Tech distributor Ingram Micro has officially filed its initial public offering (IPO).

Ingram on Tuesday unveiled 18.6 million shares of common stock, valued at between $20 and $23 per share. The company is seeking a valuation of as much as $5.42 billion, Reuters reports. It will trade on the New York Stock Exchange.

The IPO would gather up to $427.8 million, which Ingram would spend to repay debts.

Ingram Micro recorded $48 billion in net sales in 2023, dropping from $50.8 billion in 2022 and $54.4 billion in 2021. The company reports that it works with more than 161,000 reseller customers. Moreover, more than 33,000 cloud marketplace customers work with Ingram Micro, according to its SEC filing.

Ingram Micro Shareholders

Ingram's private-equity owner Platinum Equity is selling 7 million of the 18.6 million shares. Imola JV Holdings, an investment vehicle operating under Platinum Equity, will own 90.8% of voting power.

Platinum Equity bought Ingram Micro for $7.2 billion in 2021.

According to Ingram Micro's SEC filing, Capital World Investors intends to buy up to $70 million in common stock, making it what Ingram calls the "cornerstone investor." That investor notably owns 8.2% of Insight Enterprises, 18.5% of Cloudflare and 1% of Microsoft. Broadcom represents the largest portion of Capital World Investors' portfolio at 5.9%, although the investor has sold off a large amount of Broadcom stock recently.

Related:Ingram Micro Revenue Is Falling, IPO Filing Shows