By Prakhar Srivastava
July 13 (Reuters) – Argentinian power company YPF Electric Energy disclosed a 45.8% jump in quarterly revenue in its filing for a U.S. initial public offering on Monday, joining a wave of firms from the sector seeking a New York listing amid improving market sentiment.
Investor confidence in Argentina has improved following President Javier Milei’s market-oriented reforms and renewed interest in the country’s energy sector. Argentinian power firm Genneia also filed for a U.S. IPO earlier this month.
A pure-play power generation firm, YPF Electric Energy operates 17 thermal and renewable power plants with a combined installed capacity of 3,764 megawatts (MW).
“Given its significant size and role amongst leading utilities in Argentina, I believe there will be significant interest for the IPO in principle,” IPOX CEO Josef Schuster said.
“The strong debut of Korea’s SK Hynix last week underlines that the IPO window for large foreign companies to list in the U.S. is wide open. This is the motivation for YPF Electric Energy to go public and trade in the U.S. at this time,” he added.
The Argentinian power company has a renewable portfolio that includes wind and solar farms, which contributed 19% of the electricity it supplied in the year ended March 31. The rest came from thermal generation.
Renewable generation is expected to increase as recently completed plants ramp up operations, YPF Electric Energy said.
The Buenos Aires-based company reported revenue of $217.2 million for the three months ended March 31, up from $149 million a year earlier, while net profit rose to $66.5 million from $43.4 million.
Stakeholder BNR Power Investments, owned by GE Vernova and China’s Silk Road Fund, is selling shares in the IPO. YPF Electric Energy will receive none of the proceeds from the offering.
Goldman Sachs, BofA Securities and Citigroup are the global coordinators for the IPO.
YPF Electric Energy will list American Depositary Shares (ADS) on the NYSE under the symbol “YLUZ.” Each ADS will represent 10 Class B common shares.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Jonathan Ananda)
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