By Arasu Kannagi Basil
(Reuters) -Ingram Micro said on Tuesday it was seeking a valuation of up to $5.42 billion as the technology products distributor aims to go public again in the U.S. after nearly a decade, underscoring a resurgence in private-equity backed stock market listings.
Ebullient markets and recent strong debuts by Carlyle-backed aircraft maintenance services provider StandardAero and Partners Group-backed childhood education provider KinderCare Learning are encouraging buyout firms to list their portfolio companies.
Ingram is offering 11.6 million shares and parent Platinum Equity is selling 7 million shares priced between $20 and $23 each to raise up to $427.8 million.
"Private equity firms are capitalizing on favorable market conditions, strong demand and the opportunity to monetize their investments," IPOX CEO Josef Schuster said.
"It's also a strategic move to exit ahead of potential economic or political uncertainties due to the U.S. elections."
Ingram was founded in 1979 as a small computer products distributor named Micro D. Since then, it has grown into one of the world's largest technology distributors.
It distributes products and services like smartphones and computers from over 1,500 vendors, such as technology manufacturers and cloud providers, to more than 161,000 clients, including resellers and retail customers.
Irvine, California-based Ingram, with operations in 57 countries, competes with TD Synnex, ScanSource and ALSO Holding.
Products purchased from iPhone maker Apple (NASDAQ:AAPL), personal computer maker HP and network giant Cisco (NASDAQ:CSCO) generate a sizeable portion of Ingram's net sales.
Ingram initially went public in 1996 and traded on the New York Stock Exchange until 2016, when China-based conglomerate HNA Group acquired it for $6 billion.
Five years later, Beverly Hills, California-based Platinum Equity acquired Ingram from HNA in a $7.2 billion deal.
In 2022, Ingram sold most of its commerce and lifecycle services business to French shipping company CMA CGM Group in a $3 billion deal.
Investment manager Capital World Investors has indicated an interest in buying Ingram shares worth up to $70 million.
Platinum Equity will remain the controlling shareholder post-IPO with a 90.8% stake. Ingram will use the proceeds to repay debt.
Ingram will list on the NYSE under the symbol "INGM".
The offering is being led by Morgan Stanley (NYSE:MS), Goldman Sachs (NYSE:GS) and J.P. Morgan Securities.