09:34 AM EDT, 10/15/2024 (MT Newswires) -- Ingram Micro said Tuesday it is launching an initial public offering of 18.6 million shares at an anticipated price of $20 to $23 per share.

The company said it is offering 11.6 million shares, while the remaining 7 million shares will be offered by selling stockholder Platinum Equity. Ingram Micro also said the selling shareholder plans to grant underwriters a 30-day option to acquire up to nearly 2.8 million shares at the IPO price to cover any over-allotments.

Ingram Micro expects to trade on the New York Stock Exchange under the ticker symbol "INGM".

The company intends to use the proceeds to repay a portion of its outstanding debt under a term loan credit facility. Ingram Micro said it will not receive any proceeds from shares sold by the selling stockholder.