Platinum Equity’s Ingram Micro makes US IPO filing public

(Reuters) -Ingram Micro made public its U.S. IPO filing on Monday, more than two years after the private-equity backed electronics distributor laid the foundation for its return to stock markets.

Expectations of more monetary policy easing and pressure to return capital to investors are encouraging PE firms to list their portfolio companies.

Beverly Hills, California-based Platinum Equity acquired Ingram in 2021 from a unit of Chinese aviation and shipping conglomerate HNA Group in a $7.2 billion deal.

The company and some of its existing stockholders will sell shares in the proposed offering.

Founded in 1979, Ingram partners with technology manufacturers and cloud providers to bring their products to market through its digital platform Ingram Micro Xvantage.

The company, which also provides businesses with a portfolio of technology offerings and supply chain services, disclosed a 5.5% drop in 2023 net revenue to $48 billion due to the sale of its commerce and lifecycle services (CLS) business.

Ingram in April 2022 sold the unit to French shipping company CMA CGM Group in a $3 billion deal.

The company’s net income shrank to $352.7 million in 2023 from $2.39 billion a year earlier. Ingram had booked a $2.28 billion gain on the CLS sale in 2022.

Ingram laid the foundation for its return to stock markets when it had confidentially filed for a U.S. IPO in September 2022.

The IPO proceeds will be mainly used to pay down debt.

Ingram plans to list on the New York Stock Exchange under the symbol “INGM.”

The offering is being underwritten by more than a dozen Wall Street banks, led by Morgan Stanley, Goldman Sachs and J.P. Morgan Securities.