UL Solutions Is Said to Pick JPMorgan, Goldman Sachs to Lead IPO

Ryan Gould and Vinicy Chan, Bloomberg News

NEW YORK, NEW YORK - AUGUST 25: The Goldman Sachs logo is seen at the New York Stock Exchange during morning trading on August 25, 2023 in New York City. Stocks opened up higher as Wall Street awaits a speech from Federal Reserve Chairman Jerome Powell’s at the Jackson Hole Economic Symposium. (Photo by Michael M. Santiago/Getty Images) Photographer: Michael M. Santiago/Getty Images , Photographer: Michael M. Santiago/Getty Images

(Bloomberg) -- UL Solutions Inc. is working with JPMorgan Chase & Co. and Goldman Sachs Group Inc. on a planned initial public offering, according to people familiar with the matter.

The company, which is controlled by the nonprofit UL Standards & Engagement, said Monday that it had filed confidentially for an IPO, in what would be a boon for the burgeoning testing, inspection and certification sector.

UL Solutions has been meeting with potential investors to gauge appetite for an IPO, said one of the people, who asked not to be identified because the information isn’t public. Details of the company’s listing plans could still change, they said.

Representatives for UL Solutions, Goldman Sachs and JPMorgan declined to comment.

UL Solutions said in a statement that the potential offering would include only existing shares and isn’t expected to generate any proceeds for the company. The Northbrook, Illinois-based company didn’t disclose the number of shares to be offered or an anticipated timeline for the launch of a roadshow to market them.

Testing, inspection and certification providers have benefited from the need to protect aging infrastructure and support increased governmental regulation.