:Ingram Micro on Wednesday priced its U.S. IPO at $22 per share, within its target range of $20 and $23, to raise $409.2 million, the technology marketer said.

Ingram Micro and its private equity owner, Platinum Equity, sold 18.6 million shares at $22 each. The IPO valued the Irvine, Calif.-based company at about $5.18 billion.

The offering was underwritten by more than a dozen Wall Street banks, led by Morgan Stanley, Goldman Sachs and JP Morgan Securities.

Ingram shares are expected to begin trading on the New York Stock Exchange on October 24 under the symbol “INGM.”

Platinum Equity will remain Ingram’s majority shareholder after the IPO. Ingram will primarily use the proceeds from the sale to repay its debt.

The market for PE-backed IPOs is heating up, supported by the US Federal Reserve’s launch of its long-awaited easing cycle.

Earlier this month, Carlyle-backed aircraft maintenance provider StandardAero and Partners Group, child care and early childhood education provider KinderCare Learning also went public.

Founded in 1979 as a small distributor of computer products under the name Micro D, Ingram is now one of the largest technology distributors in the world.

Fitch analysts, who track Ingram’s outstanding debt, believe the company is well-positioned to adapt to the changing technology environment, thanks in part to its advanced solutions and cloud businesses .

Ingram’s advanced solutions business focuses on key technologies such as cybersecurity and data centers, which are driving strong growth in technology spending.