Ingram Micro Shares Fall 16% After Secondary Offering Pricing

(RTTNews) - Ingram Micro Holding Corporation (INGM) shares fell 15.97 percent to $22.15, down $4.21 on Friday, after the company announced the pricing of a secondary public offering by an existing shareholder.

The stock is currently trading at $22.15 compared with its previous close of $26.36. Shares opened at $22.10 and traded between $21.86 and $22.50 during the session on the New York Stock Exchange. Trading volume reached about 2.59 million shares, significantly above the average volume of about 0.51 million shares.

The decline follows the pricing of a secondary offering of 8,988,764 shares at $22.25 per share by Ingram Holdco, an affiliate of Platinum Equity. The selling shareholder will receive all proceeds from the sale, while the company will not receive any proceeds. Ingram Micro also plans to repurchase $75 million worth of shares directly from the selling shareholder.

The stock has traded between $14.25 and $26.38 over the past 52 weeks.