Synnex launches IPO in the US

Synnex launches IPO in the US

Synnex Australia’s US-based sister company, Synnex Information Technologies, based in Fremont, California, filed papers last month with the Securities and Exchange Commission for an initial public offering.

While the exact number of shares being offered and the price being sought for them is not detailed in the submission, commentators are estimating that the IPO aims to raise between $US90-95 million.

Investment bankers Bear Stearns and Co., Banc of America Securities and Raymond James are underwriting the offering and will be hoping to capitalise on Wall Street’s current renewed interest for tech floats. Money raised by the IPO will be used to diminish the use of Synnex’s “accounts receivable securitisation program” and “to repay debt”, the company said.

Synnex Information Technologies is the third-largest distributor in the US after $22 billion Ingram Micro and $15 billion Tech Data, both of which are also listed on the New York Stock Exchange.

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