Ingram Micro to Go Forward With IPO

Ingram Micro Inc., the world’s largest computer distributor, is planning to proceed with its initial public offering of 20 million shares of common stock on Thursday, lead underwriter Morgan Stanley & Co. said Tuesday. The $320-million offering, which was filed with the Securities and Exchange Commission in July, shouldn’t be affected by concern that PC sales have turned sluggish, said William Smith, president of Renaissance Capital Corp. of Greenwich, Conn. Shares of some computer retailers and parts suppliers fell in the wake of concerns over stagnant PC sales. Santa Ana-based Ingram Micro plans to sell a 15% stake at $14 to $16 a share to raise as much as $320 million. At $16 a share, the offering values the company at $2.08 billion.