UL Solutions, which provides product testing, inspection, and certification services, raised $946 million by offering 33.8 million shares (100% secondary) at $28, slightly above the midpoint of the range of $26 to $29. The offering contained 5.8 million more shares than anticipated.
UL Solutions is a global safety science company that provides independent testing, inspection, and certification (TIC) services and related software and advisory (S&A) offerings. Its TIC business is made up of two segments, Industrial and Consumer, which provide comprehensive services to customers across a broad array of end markets. Its S&A business enables customers to manage complex regulatory requirements, deliver supply chain transparency, and operationalize sustainability. UL Solutions states that it is the largest TIC services provider headquartered in North America by revenue, serving over 80,000 customers across more than 110 countries in 2023.
UL Solutions plans to list on the NYSE under the symbol ULS. Goldman Sachs, J.P. Morgan, BofA Securities, Citi, Jefferies, and UBS Investment Bank acted as joint bookrunners on the deal.
