Ingram Micro makes public IPO filing

The distie is set to list on the New York Stock Exchange

US distributor Ingram Micro has made a public IPO filing, Reuters has reported.

The distie, which was acquired for $7.2bn in 2021 by Platinum Equity, has made public an IPO filing which it originally filed in March.

Platinum Equity itself originally acquired Ingram in 2021 from a unit of Chinese aviation firm HNA Group.

The company and some of its existing stockholders will sell shares in the proposed offering, as Ingram is set to list on the New York Stock Exchange (NYSE), under the symbol INGM.

Its IPO will be underwritten by several Wall Street banks, led by Morgan Stanley, Goldman Sachs and JP Morgan Securities.

Founded in 1979, Ingram had long been regarded as the largest IT distributor in the world until it was overtaken by TD SYNNEX in 2021 – a combined entity resulting from the merger of Tech Data and Synnex.

However, the business has experienced some turbulence since then.

Ingram, in a reflection of the wider distribution industry, saw net revenue drop by 5.5 per cent in 2023 to $48bn.

In the wake of this, the company conducted its second round of layoffs in less than a year, in February.

With £1.6bn in UK revenue, per Companies House, Ingram ranked third in this year’s list of top distributors in the market.

The IPO has been in the works for some time, as the distie confidentially filed for a US public offering in September 2022.

According to Reuters, the IPO proceeds will be used primarily to repay debt.