Irvine’s Ingram Micro returning to Wall Street

Irvine-based Ingram Micro Holding Corp., a pioneer in technology logistics, plans a return to public ownership.

A filing with the U.S. Securities and Exchange Commission says the company plans to list on the New York Stock Exchange under the symbol INGM.

In the filing for an initial public stock offering, the company disclosed net income of $104 million on net sales of $22.9 billion in the 26 weeks ended June 29. It reported $129 million in net income on net sales of $23.1 billion in the same period a year earlier.

The listing could raise more than $1 billion, with the company seeking to be valued at as much as $10 billion, Bloomberg News reported in May.

In 2016, Ingram Micro left public ownership after being taken private in a purchase by China-based HNA Group for $6 billion. Ingram Micro first became a public company in 1996.

Platinum Equity acquired Ingram Micro from the debt-laden Chinese conglomerate in 2021 for about $7.2 billion. The private equity firm, led by billionaire Tom Gores, has more than $48 billion in assets under management, according to its website. It has made over 450 acquisitions to date, the website shows.

Founded in 1979, Ingram Micro offers technology, hardware and services, and its own digital platform, Ingram Micro Xvantage, the filing shows.

Mega Millions tickets will climb to $5 each

The cost of buying a Mega Millions jackpot dream will soon more than double, but lottery officials said they’re confident players won’t mind paying more after changes that will lead to larger prizes and more frequent winners.

Lottery officials announced Monday that it will cost $5 to play Mega Millions, beginning in April, up from the current $2 per ticket. The price increase will be one of many changes to Mega Millions that officials said will result in improved jackpot odds, more frequent giant prizes and even larger payouts.

Mega Millions and its lottery compatriot, Powerball, are sold in 45 states, as well as Washington, D.C., and the U.S. Virgin Islands. Powerball also is sold in Puerto Rico.

Powerball officials said they have no plans to change that game’s odds or the $2 price for most tickets.

Mega Millions’ hope is that by increasing ticket revenue and rejiggering the odds — now set at 1 in 302.6 million — to something less stratospheric, more people will win jackpots even as prizes grow extraordinarily high, which attracts more players. The goal is to increase revenue and provide more money to state lotteries, which in turn spend it on a variety of government services.

Boeing cautions about deliveries after strike

Boeing Co. managed to hand over 33 aircraft to customers in September, when a strike shut down large parts of its manufacturing, while warning that the work stoppage at its main production hub in the Seattle area will reduce future deliveries.

The aircraft handed over last month had already been cleared by U.S. regulators prior to the strike by 33,000 members of the Machinists union, who walked off the job on Sept. 13, closing down manufacturing across the west coast of the U.S.

Boeing remains in talks with union representatives to end the strike, and the company said that it would store undelivered planes safely until deliveries can resume once a new contract has been ratified.

The September tally included 28 of the cash-cow 737 models, four of its 787 Dreamliners and one 767 freighter, according to data posted to the company’s website. Boeing also recorded 65 gross orders during the month and no cancellations.

For the quarter that ended Sept. 30, Boeing delivered 116 aircraft, an improvement from the 105 jets it handed over a year earlier, and a reminder of the progress jeopardized by a strike now in its fourth week. Boeing is still building 787 Dreamliners at a non-unionized plant in South Carolina, while work has halted on the rest of its commercial line-up.

— Compiled from staff, Bloomberg and Associated Press reports.