UL Solutions, which provides product testing, inspection, and certification services and related software, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $1 billion.
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. 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 2022.
The Northbrook, IL-based company was founded in 1894 and booked $2.6 billion in revenue for the 12 months ended September 30, 2023. It plans to list on the NYSE under the symbol ULS. UL Solutions filed confidentially on January 18, 2022. Goldman Sachs, J.P. Morgan, BofA Securities, Citi, Jefferies, and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
