Ingram Micro Holding Corp. (INGM) experienced a pre-market plunge of 7.62% on Wednesday.

The sharp decline follows the company's announcement that its principal stockholder, an affiliate of private equity firm Platinum Equity, is conducting a substantial secondary offering of 12.74 million shares priced at $26.00 per share, raising approximately $330 million. The company will not receive any proceeds from the sale, and the offering increases the available float of shares, which often leads to downward pressure on the stock price.

Investment vehicles affiliated with Platinum Equity hold an 85% stake in Ingram Micro and had previously reduced their position in March. Concurrently, the company has authorized a repurchase of up to $30 million worth of its common stock from the underwriters of the offering, funded with cash on hand.