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September 19 (Reuters) – Electronics retailer Ingram Micro said on Monday it had filed confidentially for a US IPO, overlooking difficult market conditions due to interest rate hikes and inflation that have dampened demand for new listings this year.
The California-based company was valued at around $7.2 billion last year when it was bought by private equity firm Platinum Equity. Ingram recently sold its trade and lifecycle services business to French shipping company CMA CGM Group for $3 billion.
She did not provide any further information about the planned IPO. Companies that want to go public often submit confidential filings to keep their financial details private for longer.
IPOs in the United States are on track for their worst year in over two decades, according to Dealogic, which has stock listing data since 1995. So far this year, companies have raised about $18 billion, compared to over $231 billion for the same period last year, according to the data provider.
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Reporting by Niket Nishant in Bengaluru; Editing of Shinjini Ganguli
Our standards: The Thomson Reuters Trust Principles.
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