Micro confidentially files for U.S. IPO even as markets remain dull

Electronics distributor Ingram Micro said on Monday it had confidentially filed for a U.S. initial public offering, looking past the tough market conditions due to rate hikes and inflation that have blunted demand for new listings this year.

The California-based company was valued at about $7.2 billion last year when private equity firm Platinum Equity bought it. Ingram recently sold its commerce and lifecycle services business to French shipping company CMA CGM Group for $3 billion.

It did not give more details about the planned IPO. Companies looking to go public often file confidentially to keep their financial details under wraps for longer.

IPOs in the United States are on track for their worst year in over two decades, according to Dealogic, which has listing data since 1995. So far, companies have raised about $18 billion this year, compared with over $231 billion during the same period last year, according to the data provider. Reuters