Global technology distributor Ingram Micro, which has been owned by a private equity firm since 2021, is taking a new business direction by filing for an IPO under its owner, Platinum Equity.
Ingram Micro, which works heavily with MSPs and partners, filed a Form S-1 IPO document with the U.S. Securities and Exchange Commission on September 30, making its return to public stock markets a reality after several years of discussions and speculation.
In a statement about the IPO, Ingram Micro said that pricing for the IPO shares and the number of shares being offered have not yet been announced. The S-1 IPO form is officially listed for common stock of Ingram Micro Holding Corp.
“The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size, price or other terms of the offering,” the company said in its statement. Ingram Micro said it intends to list its common stock on the New York Stock Exchange under the ticker symbol “INGM.”
Morgan Stanley, Goldman Sachs & Co. LLC and J.P. Morgan are listed as the joint managers for the proposed offering. BofA Securities, Deutsche Bank Securities, Evercore ISI, Jefferies and RBC Capital Markets are acting as bookrunners for the IPO, while BNP PARIBAS, Guggenheim Securities, Raymond James, Rothschild & Co, Stifel, William Blair, Fifth Third Securities and Loop Capital Markets are acting as co-managers, according to Ingram Micro.
An Ingram Micro spokesperson did not get back to ChannelE2E in reply to several questions about the announcement, including whether any related staffing, business unit, or other related moves are also being considered in connection with the IPO.
In its S-1 filing, the company said that it intends to use the proceeds from the offering of the common stock to repay some of the outstanding loans it owes to creditors and that the company “will not receive any proceeds from the sale of the shares of common stock by the selling stockholder.”
The stock will be sold by Imola JV Holdings, LP, an investment vehicle sponsored and controlled by Platinum Equity LLC.
Ingram Micro said in its S-1 filing that it brought in $48.1 billion in global net sales in 2023, down from $50.billion in 2022. The company has about 24,000 employees who work in some 57 countries, and it has made 40+ business acquisitions worth $2 billion since 2012.
Ingram Micro Facts and Figures
Ingram Micro, which has served the global information technology ecosystem since it was founded in 1979 as Micro D Inc., has some 120 partners, including Amazon Web Services, Google, Microsoft, Intel, Red Hat, VMware, Adobe, and NetApp, and works with a wide range of MSPs and MSSPs to serve business customers.
The company’s Ingram Micro Xvantage mobile app, which was unveiled in December of 2023, is powered by AI to help its partners and MSPs deliver its products and services to customers more efficiently. Xvantage was developed to help streamline operations within the IT channel and simplify communications and collaboration for Ingram Micro partners.
Platinum Equity acquired Ingram Micro in July of 2021 from HNA Technology Co., Ltd, a part of HNA Group, for $7.2 billion.
