Announcement
Ingram Micro Holding Corporation (NYSE: INGM) saw its shares decline 3.8% in after‑hours trading on Tuesday following the announcement of a secondary offering.
Offering Details
Ingram Holdco, LLC, an affiliate of Platinum Equity, LLC, commenced a secondary offering of 13,125,000 shares of common stock. The selling stockholder will receive all net proceeds from the offering, including any proceeds from the underwriter’s option exercise. Ingram Micro itself is not offering any shares and will not receive any proceeds.
Underwriter Option
Goldman Sachs & Co. LLC is acting as the sole underwriter. The underwriter has a 30‑day option to purchase approximately 1,968,750 additional shares at the public offering price, less underwriting discounts and commissions.
Share Repurchase
Ingram Micro intends to authorize a repurchase of 625,000 shares from the underwriter at a price per share equal to the price at which the underwriter purchases shares from the selling stockholder. The repurchase is part of the company’s existing share repurchase program, will be funded with cash on hand, and is expected to be completed concurrently with the closing of the offering. The closing of the offering is not conditioned upon the repurchase, nor is the repurchase conditioned upon the offering’s closing.
Regulatory Filing
The offering is being conducted pursuant to an automatic shelf registration statement filed with the U.S. Securities and Exchange Commission.