UL Solutions Jumps 23% After $946 Million IPO: Shares of UL Solutions Inc. surged as much as 23% after the testing and safety inspection company raised $946 million in an expanded IPO.
Shares of the Northbrook, Illinois-based company stock rose to $33.41 on Friday. UL Standards & Engagement, the company’s sole shareholder, increased the size of its initial public offering to 33.8 million shares on Thursday, the company said in a statement. UL Solutions has a market capitalization of approximately $6.9 billion.
UL Solutions Jumps 23% After $946 Million IPO
UL Solutions has 28 million shares in the market with prices ranging between $26 to $29 each. Norges Bank Investment Management, Norway’s $1.6 trillion wealth fund, has expressed interest in buying $75 million worth of shares, the documents said.
“We felt we were a company that needed to be quick to market when it opened,” Jennifer Scanlon, president and CEO of UL Solutions, said. “We didn’t want to wait any longer than necessary. For a receptive market,” he said over the phone, explaining the company’s background and history.
After a series of false starts, the IPO comeback seems to be gaining momentum. This year, according to data compiled, including UL Solutions. IPOs have raised more than $11 billion, nearly triple the amount raised in the same period last year. Three companies led by Ibotta Inc. said. For the first time in a week, stocks began selling off heavily. Walmart Inc. The IPO-backed digital marketing company could raise $472.5 million.
UL Solutions, located in Northbrook, Illinois, has the prestigious UL Circle certification mark that appears on products worldwide.
“Innovation is the driving force behind the growth of our business, and you can’t bring a new product to market that is unsafe,” Scanlon said. and our software consulting firm.
UL Solutions expects net income of $276 million in 2023 on revenue of $2.7 billion, up $309 million from last year’s revenue of $2.5 billion. According to the filing, the company has reported compounded annual revenue growth of approximately 7% over the past twelve years.
The company’s roots date back to 1894 when it was founded as part of the nonprofit Electrical Engineering Bureau Underwriters, a predecessor to UL’s Research Institutes, which was reorganized in 2021 into three divisions.
A complete analysis of UL Solutions
UL Solutions is a global security company that provides independent testing, inspection, and certification (TIC) services as well as related software and consulting (S&A) offerings. The ICT business consists of two segments: industrial and consumer, and provides a wide range of services to consumers.
Its S&A activities enable clients to manage complex regulatory requirements, provide supply chain visibility, and ensure sustainability. UL Solutions claims to be the largest IT service provider by revenue, headquartered in North America and serving more than 80,000 customers in more than 110 countries by 2023.
Its business division, UL Solutions, has more than 15,000 employees and more than 80,000 customers, including about 60 percent of the Fortune 500 and Global 500 companies.
