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Ingram, PE firm seek to raise as much as $428 mln

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Platinum Equity will remain controlling shareholder

post-IPO

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Ingram set to go public again, 28 years after initial NYSE

debut

(Adds background on company and IPO details in paragraphs 4-12)

Oct 15 (Reuters) - Ingram Micro is targeting a valuation

of up to $5.42 billion in its U.S. initial public offering, the

technology products distributor said on Tuesday, underscoring a

resurgence in private-equity backed stock market listings.

A rally in equities and recent strong debuts by

Carlyle-backed aircraft maintenance services provider

StandardAero and Partners Group-backed early childhood

education provider KinderCare Learning ( KLC ) are encouraging

buyout firms to list their portfolio companies.

Ingram Micro is offering 11.6 million shares, while parent

Platinum Equity is selling 7 million shares priced between $20

and $23 each to raise up to $427.8 million.

The Irvine, California-based company 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 purchased from over 1,500 vendors, such as technology

manufacturers and cloud providers, to more than 161,000 clients,

including resellers and retail customers.

Ingram, with operations in 57 countries, competes with TD

Synnex, ScanSource and ALSO Holding.

Products purchased from iPhone maker Apple,

personal computer maker HP and networking equipment

maker Cisco make up a huge chunk of the 45-year old

company's net sales.

Ingram initially went public in 1996 and traded on the New

York Stock Exchange until 2016, when it was acquired by Chinese

aviation and shipping conglomerate HNA Group 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.

Platinum Equity will remain the controlling shareholder

after the offering with a 90.8% stake. Ingram will mainly use

the IPO proceeds to repay debt.

Investment manager Capital World Investors has indicated an

interest in buying Ingram shares worth up to $70 million.

Ingram will list on the NYSE under the symbol "INGM".

The offering is being underwritten by over a dozen Wall

Street banks, led by Morgan Stanley, Goldman Sachs and J.P.

Morgan Securities.