INGM.US (INGM.US), the world's largest IT distributor, plans to list on the NYSE to raise up to US$427.8 million

The Zhitong Finance App learned that the world's largest IT distributor Ingram Micro Holding Corp. (Ingram Micro Holding Corp.) and its investor Platinum Equity plan to raise up to US$427.8 million through an initial public offering (IPO).

The Irvine, California-based tech company said it would sell 18.6 million shares at a price of $20 to $23 each, in a filing filed on Tuesday. If calculated at the upper end of the price range, the company's market value would reach 5.4 billion US dollars.

The financing scale of this plan is far less than the target of 1 billion US dollars mentioned in previous foreign media reports. Furthermore, the valuation is also far below the expectations of up to 10 billion US dollars mentioned in foreign media reports in May of this year.

According to the documents, Ingram Micro International plans to sell 11.6 million shares, while Platinum Equity will sell 7 million shares. The company plans to use the funds raised to repay part of the debt.

Ingram Micro Xvantage International was founded in 1979 to provide technology, hardware and services, and has its own digital platform, Ingram Micro Xvantage. Platinum Equity will continue to control Ingram Micro even after this public offering.

According to documents, in the 26 weeks ending June 29, Ingram Micro International's net revenue was US$104 million and net sales were US$22.9 billion, compared with net revenue of US$129 million and net sales of US$23.1 billion for the same period last year.

Platinum Equity acquired Ingram Micro from HNA Group for approximately US$7.2 billion in 2020. The private equity firm, led by billionaire Tom Gores, manages more than $48 billion in assets and has completed more than 450 acquisitions to date, according to its website.

After being acquired by Platinum Equity, Ingram Micro sold most of its commercial and lifestyle services business to shipping and logistics company CMA-CGM Group for a corporate value of $3 billion.

The IPO was underwritten by Morgan Stanley, Goldman Sachs Group, and J.P. Morgan Chase. The company plans to be listed on the New York Stock Exchange under the symbol INGM.