Ingram Micro valued at $6 billion as shares jump 15% in NYSE debut (updated)
24/10/2024 17:13
(Adds details on offering and context on IPO market throughout)
Oct 24 (Reuters) - Ingram Micro's INGM.N shares jumped
15% in their market debut on Thursday, giving one of the world's
largest technology distributors a valuation of $6 billion.
U.S. initial public offerings have staged a comeback as
investor sentiment improves and stock markets hover near record
highs. With uncertainties surrounding the presidential election
and future rate cuts expected to ease next year, analysts
anticipate more companies will move forward with their listings.
Ingram, along with its private-equity owner Platinum Equity,
sold 18.6 million shares in the offering to raise $409.2
million.
The IPO valued the company, which counts big-tech giants
such as Microsoft MSFT.O , Nvidia NVDA.O and Apple AAPL.O
among its suppliers, at $5.18 billion after the deal was priced
at $22 per share, within the targeted range of $20 and $23.
The stock opened for trading at $25.28 apiece.
The offering was underwritten by a syndicate of Wall Street
investment banks led by Morgan Stanley, Goldman Sachs and J.P.
Morgan.
(Reporting by Manya Saini and Arasu Kannagi Basil in Bengaluru;
Editing by Shilpi Majumdar)
((Manya.Saini@thomsonreuters.com; X: manya__saini;))