Safety-testing company UL Solutions has recently filed for an initial public offering (IPO) of Class A common stock. The funds raised from this IPO will benefit the nonprofit parent organization, UL Standards & Engagement. UL Solutions, formerly known as Underwriters Laboratories, is part of a larger group.
The filing with the U.S. Securities and Exchange Commission does not mention the number of shares to be sold or the expected amount to be raised. However, it confirms that the shares will be sold by UL Standards & Engagement, which will receive the proceeds.
UL Solutions specializes in providing independent testing, inspection, and certification services. Additionally, they offer related software and advisory services.
In 2022, UL Solutions reported a profit of $309 million. Their revenue for the same period amounted to $2.52 billion.
UL Solutions intends to apply for the listing of its Class A shares on the New York Stock Exchange under the symbol ULS. Notably, UL Standards & Engagement will maintain a controlling stake by retaining ownership of supervoting Class B shares.