UL Solutions prices upsized IPO to raise $946.4 million
UL Solutions, a testing, inspection and certification company, priced its upsized initial public offering late Thursday at $28 a share, closer to the high end of its $26 to $29 price range. The offering of 33.8 million shares sold exclusively by selling shareholders raised $946.4 million at a valuation of $5.6 billion. The Northbrook, Ill.-based company's stock ULS will start trading on the New York Stock Exchange under the ticker "ULS" later Friday. Goldman Sachs, BofA Securities and J.P. Morgan are lead underwriters in a syndicate of 16 banks that worked on the deal. UL Solutions is profitable and had net income of $276 million in 2023, down from $309 million in 2022. Revenue rose to $2.678 billion from $2.520 billion, according to its filing documents.
-Ciara Linnane
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04-12-24 0614ET
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