BUZZ-Safety testing co UL Solutions drops on parent's $975 mln stock sale
Shares of UL Solutionsfell 2.7% to $77.21 after a $975 million secondary offering. The parent company's shares dropped 10.7% after the offering, reducing its holdings to 125.6 million shares. Goldman Sachs and JP Morgan are lead bookrunners. UL Solutions went public in April 2024. The company recently posted a Q3 revenue beat and announced a restructuring initiative. Analysts' ratings: 11 'strong buy' or 'buy', 6 'hold'; median price target $96.
Shares of UL Solutions (ULS.N) down 2.7% before the bell at $77.21 after $975 mln secondary offering priced
Northbrook, Illinois-based co late Weds its parent ULS shares tumbled 10.7% to close at $79.38 on Weds after co launched the offering late Tues Sale reduces ULSE’s holdings to about 125.6 mln shares of co’s 201 mln total shares outstanding, per the prospectus
Goldman Sachs and JP Morgan are lead bookrunners for offering A month ago, co posted Q3 rev beat and announced restructuring initiative to reduce expenses
Through Weds close, ULS shares up 59% YTD UL Solutions went public in Apr 2024 after ULSE sold 33.8 mln shares in IPO priced at $28
5 of 11 analysts rate shares “strong buy” or “buy”, 6 rate “hold”; median PT $96, per LSEG data (Lance Tupper is a Reuters market analyst. The views expressed are his own)
