Ingram Micro drops on sponsor Platinum Equity's $275 mln share sale

Shares of Ingram Micro Holding INGM.N down 12.8% premarket at $22.98 after secondary offering priced

Distributor of IT products, cloud solutions and supply chain services announced sale of ~9 mln shares by sponsor Platinum Equity at $22.25 for $200 mln gross proceeds

Offering price is 15.6% discount to stock's last close

Also, INGM to separately repurchase $75 mln worth of shares from Platinum funded with cash on hand

Prior to offering, Platinum owned ~211 mln shares, or ~90% of the Irvine, California-based INGM's ~235 mln shares outstanding, per the prospectus

Morgan Stanley, Goldman Sachs and JP Morgan joint bookrunners for the offering

Through Thurs, INGM stock up 23.5% 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