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Tech distributor Ingram Micro inched closer Monday to going public, laying out a historical picture of its financial numbers to potential investors in a comprehensive filing.
Ingram Micro announced that it has filed its registration statement with the United States Securities and Exchanges Commission (SEC) for its proposed initial public offering.
Ingram Micro Holding Corporation will trade under the symbol “INGM” New York Stock Exchange at a yet-to-be-determined date. The common stock will sell through the selling stockholder Imola JV Holdings, an entity of private equity group Platinum Equity, which owns Ingram. Ingram has also not yet announced a number of available shares or price range.
Ingram Micro IPO
The plans to go public are well-documented. Ingram filed a for S-1 registration statement with the SEC in 2022.
Earlier this year, Reuters reported that Ingram Micro was seeking an IPO with a valuation of $8 billion. Platinum Equity purchased the distributor in 2020 for approximately $7.2 billion.
Ingram Micro Revenue
The lengthy registration statement in Ingram’s filing offers a window into how the distributor’s revenue has shifted over the years.
Undaudited Ingram Micro net sales for calendar year 2023 totaled $48 billion. That was down from $50.8 billion in 2022 and $54.4 billion in 2021.
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At the same time, cost of sales has declined from $50.3 billion in 2021 to $47.1 billion in 2022 to $44.5 billion in 2023. Gross profit was $3.5 billion for 2023.
Source: Ingram Micro S-1
At the half way point of 2023, Ingram had driven about $23.1 billion in net sales. At the half way point of 2024, Ingram had driven about $22.9 billion.
The distributor works with more than 1,500 technology vendors, according to its filing.
Services accounted for less than 10% of the distributor’s overall net sales.