Platinum Equity’s Ingram Micro Discloses US IPO Filing Reuters

(Reuters) – Ingram Micro made its U.S. IPO filing public on Monday, more than two years after the private equity-backed electronics distributor laid the groundwork for its return to the stock markets.

Expectations of further monetary policy easing and pressure to return capital to investors are encouraging financial investment firms to list their portfolio companies.

Beverly Hills, Calif.-based Platinum Equity acquired Ingram in 2021 from a unit of Chinese aviation and shipping conglomerate HNA Group in a $7.2 billion deal.

The Company and certain of its existing shareholders will sell shares in the proposed offering.

Founded in 1979, Ingram partners with technology manufacturers and cloud providers to bring their products to market through its Ingram Micro Xvantage digital platform.

The company, which also provides businesses with a portfolio of technology offerings and supply chain services, disclosed a 5.5 percent drop in net income in 2023 to $48 billion due to the sale of its commerce business and lifecycle services (CLS).

In April 2022, Ingram sold the unit to French shipping company CMA CGM Group in a $3 billion deal.

The company’s net income fell to $352.7 million in 2023 from $2.39 billion a year earlier. Ingram booked a gain of $2.28 billion from the sale of CLS in 2022.

Ingram laid the groundwork for its return to the stock markets when it confidentially filed for an IPO in the US in September 2022.

The IPO proceeds will be used primarily to pay down debt.

Ingram plans to list on the New York Stock Exchange under the symbol “INGM.”

The offering is underwritten by more than a dozen Wall Street banks, led by Morgan Stanley, Goldman Sachs and JP Morgan Securities.