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UL makes public offering for 28 million shares

UL Solutions has announced the launch of its initial public offering (IPO) of 28 million shares in the company.

The share are its Class A common stock. It also announced the commencement of the roadshow for the IPO.

According to UL Solutions, the IPO price is expected to be between $US26 and $US29 per share.

The company said that the offering consists entirely of secondary shares to be sold by UL Standards & Engagement, a nonprofit organization and currently the sole stockholder of UL Solutions.

UL Solutions said that the underwriters will have a 30-day option to purchase up to an additional 4.2 million shares of Class A common stock from UL Standards & Engagement.

UL Solutions said that it was not offering any shares of its Class A common stock in the proposed offering and will not receive any proceeds from the proposed shares sale.

The share will be lisetd as Class A common stock on the New York Stock Exchange under the ticker symbol “ULS.”

The financial institutions Goldman Sachs and JP Morgan will act as lead managing bookrunners with BofA Securities acting as a managing bookrunner. UL said. It added that Citigroup, Jefferies and UBS Investment Bank are acting as additional bookrunners for the proposed offering.

Meanwhile, Baird, Raymond James, Stifel, Wells Fargo Securities, William Blair, AmeriVet Securities, Bancroft Capital, Cabrera Capital Markets, Loop Capital Markets and R. Seelaus & Co., are acting as co-managers for the proposed offering.

UL noted that the proposed offering will be made only by means of a prospectus.