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Ingram Micro Targets Growth: Sets Sights on IPO

Ingram Micro files for IPO, aiming to go public amid economic uncertainty. The tech giant targets growth, leveraging trends like cloud, 5G, and IoT.

Written By: Allison Francis

Oct 4, 2024

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Ingram Micro plans to go public. The tech giant has filed with the SEC to list its shares on the New York Stock Exchange under the symbol “INGM.”

While the exact number of shares and pricing details are still to be determined, this move signals the company’s confidence in its future growth and its desire to tap into the public markets.

“In the face of significant economic uncertainty and volatility in commercial markets globally, we believe that our business remains well-positioned to benefit from technology megatrends, including cloud migration, enhanced security, Internet-of-Things, hybrid work and 5G,” said Ingram in an S-1 filing with the SEC.

Financial performance comes to surface

The privately held company based in Irvine, California generated $48 billion in net sales worldwide in 2023, though the distributor’s revenue has declined slightly over the years. The company operates in 57 countries and employs more than 24,000 people, including more than 1,200 software engineers.

Additionally, Ingram Micro serves more than 161,000 customers, including value-added resellers, systems integrators, telecommunications companies, and managed service providers. The distributor also connects more than 1,500 vendor partners with a wide range of customers by providing technology solutions and services.

A decade of transformation

Founded in 1979, Ingram Micro manages more than 850 million units of technology products across 220,000+ SKUs annually and handles more than 12,000 technical engineering calls each month.

“More than a decade ago, we embarked on a journey from being a traditional IT products distributor to creating an integrated marketplace for customized solutions,” said Ingram in the SEC filing. “Since then, even in the midst of the recent global softening in demand for certain of our traditional offerings, including our client and endpoint solutions, we have invested more than $2 billion in technical resources, intellectual property, digital processes and systems, advanced solutions, specialty markets and professional services.”

Ingram Micro went private in 2021 when it was acquired by Platinum Equity for $7.2 billion. In September 2022, the company confidentially filed for an IPO but later decided against it.

The company intended to use the proceeds from the IPO to pay down a portion of its term loan credit facility, which currently stands at $1.16 billion following a 2024 refinancing. The entire loan matures in 2031.

Prior to its acquisition by Platinum, Ingram Micro was owned by HNA Group for six years. Now, Morgan Stanley, Goldman Sachs, and J.P. Morgan are leading the underwriting for the company’s upcoming IPO.

A “public” transition

“As our dynamic business model continues to evolve and we continue our transition to becoming more of a platform company, we will be better able to adapt to customer demands in the constantly shifting IT landscape,” said Ingram.

Read more about the evolution of Ingram Micro, especially at a time when many of the business models that underpin the channel are rapidly evolving yet again.

Allison Francis

Allison is a contributing writer for Channel Insider, specializing in news for IT service providers. She has crafted diverse marketing, public relations, and online content for top B2B and B2C organizations through various roles. Allison has extensive experience with small to midsized B2B and channel companies, focusing on brand-building, content and education strategy, and community engagement. With over a decade in the industry, she brings deep insights and expertise to her work. In her personal life, Allison enjoys hiking, photography, and traveling to the far-flung places of the world.

Ingram Micro Targets Growth: Sets Sights on IPO

Financial performance comes to surface

A decade of transformation

A “public” transition

Allison Francis

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