UL Solutions, Northbrook, Ill.—a testing, inspection and certification company—priced its upsized initial public offering April 11 at $28 a share, closer to the high end of its $26 to $29 price range, according to MarketWatch. The offering of 33.8 million shares sold exclusively by selling shareholders raised $946.4 million at a valuation of $5.6 billion.
The company's stock ULS started trading on the New York Stock Exchange under the ticker “ULS” April 12. 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, which is down from $309 million in 2022. Filing documents show revenue rose from $2.520 billion to $2.678 billion.
