The IPO Buzz: UL Solutions Sets IPO Terms in $1 Billion-Plus Parade of Deals

UL Solutions Inc. (ULS Proposed) set the terms and the date for its $770 million IPO early today – Tuesday, April 2, 2024 – in a post-Easter parade of deals that could raise more than $1 billion. The product testing and safety standards company disclosed in its S-1/A filing today that it plans to offer 28.0 million shares at a price range of $26.00 to $29.00 to raise $770 million. UL Solutions would have a market cap of about $5.5 billion – if the IPO is priced at the $27.50 mid-point of its range. Bankers expect to price UL Solutions’ IPO next week. This is a New York Stock Exchange listing. Goldman Sachs and J.P. Morgan are leading the joint book-runners’ team, which includes BofA Securities, Citigroup, Jefferies and UBS Investment Bank.

The “UL” in the company’s name stands for Underwriters Laboratories, which began testing electrical products for fire risks during the 1894 World’s Fair in Chicago. UL Solutions serves more than 80,000 customers worldwide and employs more than 14,000 people.

UL Solutions earned net income of $296 million on revenue of $2.62 billion for the 12 months that ended Sept. 30, 2023, according to the prospectus.

The UL Solutions filing is one of a flurry of IPOs setting terms early this week, including:  

*Contineum Therapeutics (CTNM Proposed) – The San Diego-based Phase I biotech, which is targeting progressive MS (multiple sclerosis) and IPF (idiopathic pulmonary fibrosis), said on Monday, April 1, 2024, that it plans to price its $149.6 million IPO later this week to trade on the NASDAQ. Goldman Sachs, Morgan Stanley, Stifel and RBC Capital Markets are the joint book-runners of Contineum Therapeutics’ IPO.

*PACS Group (PACS Proposed) – The skilled nursing home and assisted living facilities operator, which serves over 20,000 patients daily in over 200 facilities across nine states, disclosed its IPO terms in an S-1/A filing on Monday, April 1, 2024: 19.1 million shares at a price range of $20.00 to $22.00 to raise $400.1 million – based on pricing at the $21.00 mid-point. The IPO is expected to price next week. The market cap is estimated at $3.1 billion. This is an NYSE listing.  Citi, J.P. Morgan, Truist Securities and RBC Capital Markets are the joint book-runners.

*Rubrik Inc. (RBRK Proposed) – The data security company filed its S-1 for its IPO without disclosing terms on Monday, April 1. Some IPO pros estimate that Rubrik’s IPO could raise as much as $500 million. The placeholder figure in the prospectus,  however, is $100 million. This is an NYSE listing. Goldman Sachs, Barclays, Citigroup and Wells Fargo Securities are leading the joint book-runners’ team.

Stay tuned.

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Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.