Platinum Equity's Ingram Micro targets up to $5.4 bln valuation in US IPO
Ingram set to go public again, 28 years after initial NYSE debut
Ingram, PE firm seek to raise as much as $428 mln
Platinum Equity will remain controlling shareholder post-IPO
Capital World Investors may buy shares worth up to $70 mln
Adds analyst comments in paragraphs 4-5
By Arasu Kannagi Basil
Oct 15 (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 SARO.N and Partners Group-backed childhood education provider KinderCare Learning KLC.N 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 SNX.N, ScanSource SCSC.O and ALSO Holding ALSN.S.
Products purchased from iPhone maker Apple AAPL.O, personal computer maker HP HPQ.N and network giant Cisco CSCO.O 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, Goldman Sachs and J.P. Morgan Securities.
Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar
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