Yahoo Finance Ingram Micro Ready to Move on Plan for $1 Billion-Plus IPO
(Bloomberg) -- Platinum Equity-backed technology company Ingram Micro Inc. is preparing to move ahead with plans for an initial public offering that could raise more than $1 billion, according to people familiar with the matter.
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Ingram Micro is considering seeking to be valued at as much as $10 billion in an IPO, said the people, who asked not to be identified because the information was private. Ingram Micro, which said in 2022 that it had filed confidentially with the US Securities and Exchange Commission, could take the next step of making its filing public as soon as June, the people said.
Irvine, California-based Ingram Micro has been working on the listing with Goldman Sachs Group Inc. and Morgan Stanley and was seeking to be valued at about $8 billion, Bloomberg News reported in March. Along with elevating its valuation target, the company has added JPMorgan Chase & Co. to its roster of advisers, the people said.
The company hasn’t made a final decision and details of its plans, including the timing, could change, the people said.
Representatives for Ingram Micro, Platinum Equity and JPMorgan declined to comment.
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 about $48 billion in assets under management, according to its website. It has made more than 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. With net sales of $48.1 billion in 2023, it has more than 161,000 customers in some 200 countries, according to its website.
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.
(Updates with Platinum Equity acquisitions in sixth paragraph.)
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