Ingram Micro Holding Corp. (INGM) disclosed the terms for its $400.0 million IPO – 18.6 million shares at a price range of $20.00 to $23.00 – early today – Tuesday, Oct. 15, 2024. If priced at the $21.50 mid-point, Ingram Micro’s IPO will raise $399.9 million. Of the 18.6 million shares in the IPO, the company is offering 11.6 million shares and the selling shareholder, Platinum Equity’s investment vehicle Imola JV Holdings, is offering 7.0 million shares. This is a New York Stock Exchange listing.
Morgan Stanley, Goldman Sachs and J.P. Morgan are the lead joint book-runners.
Ingram Micro’s IPO is scheduled for pricing next week – on Wednesday, Oct. 23, 2024 – to trade Thursday, Oct. 24, 2024 – on the NYSE.
Capital World Investors, the cornerstone investor, has indicated an interest in buying up to $70 million – or up to 17.5 percent – of the stock in the IPO, according to the prospectus.
The IPO’s proceeds will be used to repay some debt, the prospectus said.
Ingram Micro, based in Irvine, California, describes itself as “a leading solutions provider by revenue for the global information technology (“IT”) ecosystem helping power the world’s leading technology brands,” according to the prospectus.
“With our vast infrastructure and focus on client and endpoint solutions (formerly referred to as commercial & consumer, as described elsewhere in this prospectus), advanced solutions offerings and cloud-based solutions, we enable our business partners to scale and operate more efficiently in the markets they serve,” Ingram Micro said in the prospectus. “We deliver customized solutions to our vendor, reseller and retailer partners, enabling them to provide excellent business outcomes to the companies and consumers they serve.
“Through our global reach and broad portfolio of products, professional services offerings, software, cloud and digital solutions, we remove complexity and maximize the value of the technology products our partners make, sell or use, providing the world more ways to realize the promise of technology. In the face of significant economic uncertainty and volatility in commercial markets globally, we believe that our business remains well-positioned to benefit from technology megatrends, including cloud migration, enhanced security, Internet-of-Things (“IoT”), hybrid work and 5G.”
Ingram Micro is profitable: The company reported net income of $327.44 million on revenue of $47.82 billion for the 12 months that ended June 30, 2024.
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