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Irvine-based Ingram Micro Holding Corp., a pioneer in technology logistics, plans a return to public ownership. In filing for an initial public stock offering, 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. The filing with the US Securities and Exchange Commission says the company plans to list on the New York Stock Exchange under the symbol INGM.
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. In 2016, Ingram Micro left public ownership after being taken private in a purchase by China-based HNA Group for $6 billion. Ingram Micro first became a public company in 1996.
Platinum Equity acquired Ingram Micro from the debt-laden Chinese conglomerate 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. Jonathan Lansner of the Southern California News Group added to this report.
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