Ingram Micro Holding Corporation (INGM) is down today after announcing that its principal stockholder, Ingram Holdco (an affiliate of Platinum Equity), has commenced a $330 million secondary offering of common stock. Secondary offerings typically pressure shares because they add near-term supply and are often priced at a discount to the prior close. (ir.ingrammicro.com)

The selling stockholder is offering the shares under an effective automatic shelf registration statement on Form S-3, with an expected 30-day underwriter option for about $45 million of additional shares. The seller will receive the net proceeds, while Ingram Micro is not selling stock and will not receive proceeds from the sale. (ir.ingrammicro.com)

Alongside the offering, Ingram Micro expects to authorize a concurrent repurchase of at least $30 million of shares from the underwriters at the same per-share price they pay the selling stockholder. The repurchase is part of the company’s existing $175 million authorization; upon completion of the repurchase, the company expects to have about $70 million of remaining capacity, and it plans to fund the repurchase with cash on hand. (ir.ingrammicro.com)

The setup leaves the market balancing increased float from the selling-holder transaction against the stabilizing effect of the company’s concurrent buyback. Traders will focus on the final pricing (and any discount), the size of the overall shoe option, and whether demand absorbs the block without further pressure on the stock in coming sessions. (ir.ingrammicro.com)