Managed services News
Ingram Micro Plans To Go Public Again With Confidential Filing
Joseph F. Kovar, C.J. Fairfield
Ingram Micro was a public company in the past but for the last nearly six years was privately held, first by China-based HNG Group and then, starting last year, by private equity company Platinum Equity.
Distribution giant Ingram Micro Monday said that it has submitted a filing to go public.
The company in a press statement said Ingram Micro Holding Corp. has confidentially submitted a draft registration statement to go public through a Form S-1 with the U.S. Securities and Exchange Commission.
Ingram Micro did not respond to a CRN request for more information by press time.
[Related: 5 Things To Know About Ingram Micro’s Acquisition By Platinum Equity]
In its press statement, Ingram Micro wrote, “The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.”
Irvine, Calif.-based Ingram Micro just launched its Xvantage platform that helps partners streamline billing and order tracking with the distributor.
The Ingram Micro S-1 filing comes at an interesting time for the heavyweights of the IT distribution business.
Ingram Micro in July of 2021 closed its $7.2 billion acquisition by private equity powerhouse Platinum Equity in a blockbuster deal that freed the distributor from financially troubled Chinese conglomerate HNA Group.
The deal, which took seven months to complete, gave Ingram Micro new financial resources to focus on new ways of doing business, including building its cloud and digital transformation businesses.
Ingram Micro was a public company in the past, but when private in late 2016 when it was acquired by HNA Group.
Ingram Micro for decades was the world’s largest IT distributor. However, its two biggest rivals, Tech Data and Synnex, merged in September of 2021 to form a new company, TD Synnex, creating the new world leader in terms of IT distribution revenue.