Ingram Micro Holding Corporation is having its initial public offering today. If you haven’t heard of Ingram Micro before, it’s because much of what the company does is behind the scenes, yet it’s one of the biggest players in the retail tech industry. Here’s what you need to know about Ingram Micro and its IPO.
What is Ingram Micro?
Ingram Micro operates in several tech-related categories, including cloud computing and cybersecurity. But the main thing the company is known for is being a distributor of technology products. If you’ve ever bought a tech product from a big box electronic retailer, there’s a good chance the product was on the retailer’s shelf because of Ingram Micro. In other words, Ingram Micro offers services to help tech and IT vendors get their products into stores.
The company was founded in 1979 and is based in Irvine, California. According to its website, it had $48 billion in net sales in 2023 and employed over 24,000 people across the globe. Vendors whose products are distributed to retail outlets through Ingram Micro include Microsoft, Apple, HP, Nvidia, and more.
When is Ingram Micro’s IPO?
Ingram Micro priced its shares on Wednesday. They are expected to begin trading today: Thursday, October 24, 2024.
What is Ingram Micro’s stock ticker?
Ingram Micro shares will trade under the stock symbol “INGM”.
What market will Ingram Micro trade on?
Ingram Micro shares will trade on the New York Stock Exchange (NYSE).
How many Ingram Micro shares are available in its IPO?
Ingram Micro is offering 18.6 million shares of its common stock in the IPO, according to a press release announcing the public offering. Of those shares, 11.6 million will be offered by Ingram Micro directly, while the company’s existing shareholders will offer the remaining 7 million shares.
What is Ingram Micro’s IPO price?
INGM’s public offering price is $22 per share, which is within the $20 to $23 range that Ingram Micro suggested its IPO price would be in when the company announced its public offering earlier this month.
How much will Ingram Micro raise in its IPO?
Though 18.6 million shares are being sold in Ingram Micro’s IPO, the company won’t see the proceeds from all of them. That’s because the money raised via the sale of the 7 million shares owned by existing Ingram Micro shareholders will be retained by those shareholders.
That leaves 11.6 million shares Ingram Micro will profit from. At $22 per share, that means Ingram Micro raised around $255 million from its IPO.
Hasn’t Ingram Micro been listed on the stock market before?
Yep. Ingram Micro was originally listed on the New York Stock Exchange nearly 30 years ago, back in 1996. It was a publicly traded company until December 2016.
The reason Ingram Micro was delisted in 2016 is that it was bought by the Chinese holding company Tianjin Tianhai Investment Company, Ltd. for $6 billion.
How much is Ingram Micro worth?
Reuters says the technology distributor is estimated to be worth around $5.18 billion at the time of its IPO.
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