Ingram Micro tumbles as sponsor Platinum Equity begins $200 mln stock sale
Shares of Ingram Micro Holding INGM.N down 13.3% to $22.85 in extended trading after secondary offering news
Global distributor of IT products, cloud solutions and supply chain services commences $200 mln offering by major shareholder Platinum Equity
Also, co intends to separately repurchase from Platinum, as part of the offering, at least $50 mln worth of shares under its existing buyback program
Platinum currently owns ~211 mln shares, or ~90% of the Irvine, California-based co's ~235 mln outstanding, per the prospectus
Morgan Stanley, Goldman Sachs and JP Morgan joint bookrunners for the offering
INGM stock edged up 0.3% to close at $26.36 on Thurs. Shares up ~24% YTD including 27% gain this week
Co late Mon posted Q4 beat, per LSEG data, as net sales increased across all geographic segments, with strong growth in Asia-Pacific
Avg rating of 14 analysts is "buy"; median PT $25.50 - LSEG
