Distributor Ingram Micro announced on Monday that it had filed for an IPO in the United States. Its parent company, Ingram Micro Holding Corporation, confidentially submitted the draft registration statement to the Securities and Exchange Commission (SEC). Neither the number of shares nor the offer price have been determined at this stage. The timing will be determined after the SEC review process, subject to market conditions permitting, the company said in a statement.
Ingram Micro was taken out of the stock market in 1996 after its acquisition for 6 billion dollars by the Chinese group HNA. It reverted to the US flag at the end of 2020 when heavily indebted HNA sold the group to private equity firm Platinum Equity for $7.2 billion.
Since then, Ingram Micro has focused its strategy on expanding its IT delivery and cloud services capabilities. It has also just launched in September its Xvantage platform, a digital twin and commercial platform, which aims to “eliminate complexity” and offer a “frictionless experience” to its customers.
To strengthen its financial room for manoeuvre, Ingram recently sold part of its logistics activities to CMA CGM for 3 billion dollars. Even if the market downturn is not conducive to IPOs, a successful IPO could secure funding for its future growth as financing conditions tighten.
First world distributor for 30 years, Ingram Micro was dethroned last year following the merger of Synnex Corp and Tech Data, giving birth to the new giant TD Sinnex. The stock market could be a lever for growth operations and seek to regain its crown.