Safety testing group UL Solutions reveals revenue jump in US IPO filing

(Reuters) – Safety testing group UL Solutions on Monday made public its paperwork for a U.S. initial public offering (IPO), disclosing a rise in revenue for the first nine months of the year.

The Illinois-based company, owned solely by UL Standards & Engagement (ULSE), had confidentially filed for an IPO last month.

It will test the appetite for new listings when poor post-debut performances of some major names have dimmed expectations of a recovery in the U.S. IPO market.

Shares of British chipmaker Arm Holdings, grocery delivery app Instacart, marketing automation firm Klavyiyo and luxury sandal maker Birkenstock have performed poorly since their shares started trading.

UL Solutions did not disclose details about the size of the offering but said owner ULSE would sell all the shares. UL Solutions will not receive any proceeds from the IPO, it said.

Revenue for the nine months ended Sept. 30 was $1.99 billion, compared to $1.89 billion a year earlier.

In the same period, net income came in at $214 million, compared to $227 million a year earlier.

Founded in 1894, the company offers independent third-party testing, inspection, and certification services to its more than 80,000 customers in the energy, industrial automation, consumer electronics and other markets.

UL Solutions will list its shares on the New York Stock Exchange under the ticker symbol “ULS”.

Goldman Sachs and JPMorgan are among the underwriters for the offering.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Sriraj Kalluvila)