(Reuters) – Shares of Ingram Micro rose 15% in their market debut on Thursday, giving one of the world’s largest technology distributors a valuation of $6 billion.
U.S. initial public offerings returned as investor sentiment improved and stock markets hovered near record highs. With uncertainty surrounding the presidential election and future interest rate cuts tapering off next year, analysts expect more companies to continue trading.
Ingram and its private equity owner Platinum Equity sold 18.6 million shares in the offering, raising $409.2 million.
The initial public offering valued the company, which counts big tech giants such as Microsoft (NASDAQ:)), Nvidia (NASDAQ:) and Apple (NASDAQ:) among its suppliers, at $5.18 billion after pricing the deal at $22 per share, within a target range of $20 and $23.
The shares began trading at $25.28 apiece.
The offering was made by a consortium of Wall Street investment banks led by Morgan Stanley, Goldman Sachs and JP Morgan.
