Ingram Micro CEO Paul Bay has hailed a “great investor response” to an IPO that saw the distributor’s market value swell to nearly $6bn today.
Having revealed plans to return to public ownership in September, the broadliner’s shares today began trading on the NYSE.
It remains almost 90% owned by Platinum Equity, which acquired Ingram from Chinese conglomerate HNA for around $7.2bn in 2020.
The $48bn-revenue distributor’s shares rose from the $22 IPO price to over $25 this afternoon.
“We were well over-subscribed and we got great investor response about the opportunity that lies in front of us,” CEO Paul Bay told Bloomberg.
Ingram Micro said it intends to use the net proceeds from the offering to repay a portion of the outstanding borrowings under its term loan credit facility. Its IPO raised $409m.
Its net sales hit $48bn in calendar 2023, down from $50.8bn in 2022 and $54.5bn in 2021, its form S-1 showed.
TD Synnex overtook Ingram to become the world’s largest IT distributor by sales when it formed via the merger of Tech Data and Synnex in 2021.
