Ingram Micro Files For IPO; ‘INGM’ Share Price Undecided

The Irvine, Calif.-based IT distribution giant said it would use the net proceeds of an IPO to pay down a portion of the firm’s $1.16 billion in debt.

Ingram Micro’s plans for an initial public offering (IPO) became clearer Monday with a new U.S. Securities and Exchange Commission filing by its holding company outlining the tech giant’s intention to debut on the New York Stock Exchange under the symbol ‘INGM.’

The number of shares Ingram Micro Holding Corp. will offer and the price range for the proposed offering have yet to be determined, according to the company.

“In the face of significant economic uncertainty and volatility in commercial markets globally, we believe that our business remains well-positioned to benefit from technology megatrends, including cloud migration, enhanced security, Internet-of-Things, hybrid work and 5G,” said Ingram in an S-1 filing with the SEC.

In terms of global scale, private equity-owned Ingram highlighted in its SEC filing that the Irvine, Calif.-based company generated $48 billion in net sales in 2023. Ingram operates in 57 countries backed by a global workforce of over 24,000 employees, including over 1,200 software engineers.

Ingram’s Public And Private History

Ingram Micro went private in 2021 as a result of its $7.2 billion acquisition by Platinum Equity. The company previously confidentially filed for an IPO in September 2022, but later passed on the opportunity.

In its filing, Ingram Micro said it would use the net proceeds of an IPO to pay down a portion of the firm’s term loan credit facility. Following a 2024 refinancing, as of September 20, 2024, $1.16 billion was outstanding under the term loan credit facility and that all comes due in 2031, according to the regulatory filing.

Prior to its acquisition by Platinum, Ingram Micro was owned for about six years by China-based HNA Group, which acquired the distributor in 2016 in a deal valued $6 billion.

Now, Morgan Stanley, Goldman Sachs & Co. LLC and J.P. Morgan are acting as joint book-running managers for the IPO and as representatives of the underwriters for the proposed offering.

Ingram’s New IPO Offering

Ingram’s customer base includes over 161,000 companies ranging from value-added resellers, system integrators, telecommunications companies and managed service providers (MSPs).

“As one of the world’s largest technology distributors by revenue and/or by global footprint, we have positioned Ingram Micro as an integral link in the global technology value chain, providing technology solutions and services from more than 1,500 vendor partners to a broad array of customers,” said Ingram in its filing.

The company, founded in 1979 as Micro D Inc., said it manages more than 850 million units of technology products across more than 220,000 unique SKUs every year and handles in excess of 12,000 technical engineering calls monthly.

More than a decade ago, Ingram said it embarked on a journey from being a traditional IT products distributor to creating an integrated marketplace for customized solutions.

“Since then, even in the midst of the recent global softening in demand for certain of our traditional offerings, including our client and endpoint solutions, we have invested more than $2 billion in technical resources, intellectual property, digital processes and systems, advanced solutions, specialty markets and professional services,” said Ingram.

“As our dynamic business model continues to evolve and we continue our transition to becoming more of a platform company, we will be better able to adapt to customer demands in the constantly shifting IT landscape,” said Ingram.