By UL Solutions Inc., a leading global safety science company, has filed for an initial public offering (IPO) on Monday. The company plans to list on the New York Stock Exchange under the ticker symbol “ULS.” As a safety science leader, UL Solutions provides independent testing, inspection, and certification (TIC) services worldwide. They also offer related software and advisory (S&A) services.
Underwriting Team
No specific terms of the IPO have been disclosed yet. However, a team of 11 banks, led by Goldman Sachs and JP Morgan, will underwrite the deal. UL Solutions is opting for a dual-class structure, with Class A shares carrying one vote and Class B shares carrying 10 votes.
Financial Performance
In the first nine months of this year, the company reported a net income of $214 million, slightly less than the $227 million earned during the same period last year. However, revenue increased to $1.99 billion from $1.89 billion a year ago.
Market Performance
The Renaissance IPO ETF has shown significant growth throughout the year, gaining 28% year-to-date. Meanwhile, the S&P 500 has seen a 15% increase.
UL Solutions Inc.’s decision to go public is an exciting opportunity for investors as they continue to solidify their position as a global leader in safety science.
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