Ingram Micro falls as Platinum Equity to carve stake in secondary offering

Goldman Sachs group

Mon 22:12

** IT products distributor Ingram Micro's INGM.N shares down 4% at $25.89 post-market on secondary offering news
** Irvine, California-based INGM starts 11 mln share offering by sponsor Platinum Equity
** Further, co intends to authorize repurchase of 1 mln shares from sole underwriter, Goldman Sachs, as part of offering
** Platinum currently owns ~164.3 mln shares, roughly 71% of INGM's ~230 mln shares outstanding, per LSEG data
** The Beverly Hills-based investment firm founded by billionaire businessman Tom Gores reduced its stake in Sept secondary offering priced at $27.25
** INGM shares finished down 5% at $26.98 on Mon, trimming YTD gain to 26%
** 7 of 15 analysts rate the stock "strong buy" or "buy", 8 "hold"; median PT $32.50

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))