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Platinum Equity-Backed Tech Firm Ingram Micro Files for IPO

(Bloomberg) -- Platinum Equity-backed technology company Ingram Micro Holding Corp. filed for an initial public offering, as companies rush to make their public debuts ahead of the US presidential election in November.

Irvine, California-based Ingram Micro disclosed net income of $104 million on net sales of $22.9 billion in the 26 weeks ended June 29, versus $129 million in net income on net sales of $23.1 billion in the same period a year earlier, according to its filing with the US Securities and Exchange Commission on Monday.

The listing could raise more than $1 billion, with the company seeking to be valued at as much as $10 billion, Bloomberg News reported in May. Ingram Micro and Platinum Equity are both selling shares in the offering, the filing shows. Proposed terms for the new listing will be disclosed in a subsequent filing when underwriters are ready to begin marketing the shares. 

A clutch of companies are moving ahead with US IPOs before the market is effectively closed by the election. StandardAero Inc. is set to price its offering of as much as $1.1 billion on Tuesday, and Cerebras Systems is also poised to kick off an IPO that could raise as much as $1 billion, Bloomberg News has reported.

Platinum Equity acquired Ingram Micro from debt-laden Chinese conglomerate HNA Group Co. in 2021 for about $7.2 billion. The private equity firm led by billionaire Tom Gores has more than $48 billion in assets under management, according to its website. It has made over 450 acquisitions to date, the website shows. 

Founded in 1979, Ingram Micro offers technology, hardware and services, and its own digital platform, Ingram Micro Xvantage, the filing shows. Platinum Equity will continue to beneficially control Ingram Micro after the offering.

Ingram Micro intends to use the proceeds from the offering to repay a portion of a term loan facility, the filing shows. There was $1.2 billion outstanding as of Sept. 20, according to the filing.

Following the Platinum Equity acquisition, Ingram Micro sold most of its commerce and lifestyle services businesses to shipping and logistics firm CMA-CGM Group at an enterprise value of $3 billion, according to a statement at the time.

The offering is being led by Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co. The company plans to list on the New York Stock Exchange under the symbol INGM.

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