Ingram Micro Inc., a technology company backed by Platinum Equity, is reportedly contemplating an initial public offering (IPO) in the United States, aiming for a valuation of approximately $8 billion, as disclosed by individuals familiar with the matter.
Headquartered in Irvine, California, Ingram Micro is collaborating with Goldman Sachs Group Inc. and Morgan Stanley to facilitate the IPO, which could potentially debut as early as April, according to the sources who preferred to remain anonymous due to the confidential nature of the information. Ingram Micro initially filed for its IPO confidentially with the US Securities and Exchange Commission in 2022. However, it’s worth noting that discussions are ongoing, and details surrounding the IPO, including the valuation and timing, may undergo alterations, as indicated by the sources. As of the time of reporting, a spokesperson for Ingram Micro has not responded to requests for comment, while representatives for Goldman Sachs, Morgan Stanley, and Platinum Equity have declined to provide statements.
The prospective IPO comes against the backdrop of a somewhat uncertain rebound in the IPO market, with technology firms being part of the resurgence. In 2023, the largest IPO was executed by chip designer Arm Holdings Plc, raising $5.23 billion. Furthermore, social media company Reddit Inc. and semiconductor connectivity company Astera Labs Inc. are poised to enter the market with their respective debuts in the upcoming week.
Platinum Equity acquired Ingram Micro from debt-laden Chinese conglomerate HNA Group Co. in 2021 for approximately $7.2 billion. The private equity firm, led by billionaire Tom Gores, boasts assets under management totaling about $47 billion, as stated on its website. Established in 1979, Ingram Micro specializes in offering technology, hardware, and services, alongside its proprietary digital platform, Ingram Micro Xvantage. The company operates across 61 countries and reported net sales of $50.8 billion in 2022, according to its website.
Subsequent to the acquisition by Platinum Equity, Ingram Micro divested most of its commerce and lifestyle services businesses to shipping and logistics firm CMA-CGM Group at an enterprise value of $3 billion, as announced in a press release at the time.