Ingram Micro (INGM.US), the world's largest IT distributor, plans to go public on the NYSE, raising up to $427.8 million

The world's largest IT distributor Ingram Micro Holding Corp. and its investor Platinum Equity plan to raise up to $427.8 million through an initial public offering.

The Irvine, California-based technology company said it would sell 18.6 million shares at $20 to $23 each, valuing the company at $5.4 billion at the top of the range.

The planned financing is far smaller than the $1 billion target previously reported by media, and the valuation is far lower than the $10 billion expected by media in May.

According to the filing, Ingram Micro plans to sell 11.6 million shares, while Platinum Equity will sell 7 million. The company plans to use the proceeds to pay down some of its debt.

Founded in 1979, Ingram Micro provides technology, hardware and services and has its own digital platform Ingram Micro Xvantage. Even after the IPO, Platinum Equity will continue to control Ingram Micro.

According to the filing, Ingram Micro's net income was $104 million in the 26 weeks ended June 29, while net sales were $22.9 billion, compared with $129 million in net income and $23.1 billion in net sales in the same period last year.

Platinum Equity bought Ingram Micro from HNA Group in 2020 for about $7.2 billion. The private equity firm, led by billionaire Tom Gores, according to its website, manages more than $48 billion in assets and has completed more than 450 acquisition transactions to date.

After being acquired by Platinum Equity, Ingram Micro sold most of its business and lifestyle services business to shipping and logistics company CMA-CGM Group for $3 billion in enterprise value.

The IPO is being led by Morgan Stanley, Goldman and JPMorgan. The company plans to list on the New York Stock Exchange under the symbol INGM.