(Bloomberg) -- UL Solutions Inc. shares climbed nearly 25% after the safety testing and inspection company’s expanded initial public offering raised $946 million, as the nascent recovery in listings continues to grow.

The Northbrook, Illinois-based firm’s shares closed at $34.94 each in New York trading Friday after selling for $28 in the IPO. UL Standards & Engagement, a nonprofit that was the company’s sole stockholder, increased the size of the IPO on Thursday to 33.8 million shares, according a statement. UL Solutions has a market value of about $7.2 billion.

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UL Solutions had marketed 28 million shares for $26 to $29 each. Norges Bank Investment Management, Norway’s $1.6 trillion wealth fund, indicated an interest in buying as much as $75 million in shares, according to the filings. 

“We felt like we are the type of company that should be out here early as the markets are opening up,” UL Solutions President and Chief Executive Officer Jennifer Scanlon told Bloomberg News. “We didn’t want to wait any longer than we needed to for a receptive market,” she said, touting the company’s history and balance sheet.

An IPO rebound appears to be gaining momentum after several false starts. With UL Solutions, companies have raised more than $11 billion in US IPOs this year, about three times the amount during the same period last year, according to data compiled by Bloomberg. Three companies launched sizable first-time share sales in the span of a week, led by Ibotta Inc. The Walmart Inc.-backed digital marketing firm’s IPO could raise as much as $472.5 million.

UL Solutions, based in Northbrook, Illinois, is the owner of the iconic UL-in-a-circle certification mark that appears on products around the world, the filings show.

“Innovation fuels our business growth and you can’t have new products come to market that are unsafe,” Scanlon said. “Our growth rates internally are exciting and are fulfilling our expectations around our industrial product testing business, our consumer product testing business and our software advisory business.” 

UL Solutions saw $276 million of net income on $2.7 billion of revenue in 2023, down from $309 million on $2.5 billion of revenue in the previous year. It reported a compound annual revenue growth rate of about 7% over the past 12 years, according to the filings.

The company traces its roots to 1894, when it was founded as part of the nonprofit Underwriters Electrical Bureau, the precursor to UL Research Institutes, which was reorganized into three units in 2021.

UL Solutions, the for-profit arm, has more than 15,000 employees and over 80,000 customers, including about 60% of the Fortune 500 and the Global 500, the filings show. 

The offering was led by Goldman Sachs Group Inc. and JPMorgan Chase & Co. The shares are trading on the New York Stock Exchange under the symbol ULS.

(Updates with closing share price.)

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