(Reuters) – UL Solutions, which tests the safety of industrial and consumer products, said on Tuesday it was targeting a valuation of up to $5.8 billion in its U.S. initial public offering.
The company said its parent, UL Standards & Engagement (ULSE), will sell 28 million shares at between $26 and $29 each to raise up to $812 million.
UL Solutions will not receive any proceeds from the IPO, which comes as the U.S. IPO market is on a rebound amid growing expectations of a soft landing for the economy.
Goldman Sachs and J.P. Morgan Securities are the lead underwriters for the offering.
UL Solutions will list on the New York Stock Exchange under the ticker symbol “ULS”.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Savio D’Souza)
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