Paul Bay, CEO of Ingram Micro, rings the opening bell during the company’s IPO at the New York Stock Exchange (NYSE) in New York City, U.S., October 24, 2024. REUTERS/Brendan McDermid
(Reuters) -Ingram Micro's shares jumped 15% in their market debut on Thursday, giving one of the world's largest technology distributors a valuation of $6 billion.
U.S. initial public offerings have staged a comeback as investor sentiment improves and stock markets hover near record highs. With uncertainties surrounding the presidential election and future rate cuts expected to ease next year, analysts anticipate more companies will move forward with their listings.
Ingram, along with its private-equity owner Platinum Equity, sold 18.6 million shares in the offering to raise $409.2 million.
The IPO valued the company, which counts big-tech giants such as Microsoft, Nvidia and Apple among its suppliers, at $5.18 billion after the deal was priced at $22 per share, within the targeted range of $20 and $23.
The stock opened for trading at $25.28 apiece.
The offering was underwritten by a syndicate of Wall Street investment banks led by Morgan Stanley, Goldman Sachs and J.P. Morgan.
(Reporting by Manya Saini and Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar)
