Argentine power company YPF Electric Energy has filed paperwork for a U.S. initial public offering, revealing a 45.8% increase in quarterly revenue as part of the process. The filing, submitted Monday, comes as a growing number of energy companies look to secure listings on New York markets amid a more favorable investment climate.
Investor confidence in Argentina has been on the rise following President Javier Milei’s market-focused economic reforms and renewed interest in the country’s energy sector. Another Argentine power firm, Genneia, also submitted its own U.S. IPO filing earlier this month.
YPF Electric Energy focuses exclusively on power generation and runs 17 thermal and renewable power plants across Argentina, with a combined installed capacity of 3,764 megawatts.
IPOX CEO Josef Schuster weighed in on the filing, saying, “Given its significant size and role amongst leading utilities in Argentina, I believe there will be significant interest for the IPO in principle.”
Schuster also pointed to recent market activity as a signal for the timing of the move. “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 said.
The company’s renewable energy portfolio — which includes both wind and solar facilities — accounted for 19% of the electricity it delivered in the year ending March 31. The remaining power came from thermal generation. YPF Electric Energy noted that renewable output is expected to grow as recently completed facilities begin ramping up.
For the three-month period ending March 31, the Buenos Aires-based company posted revenue of $217.2 million, up from $149 million during the same period the prior year. Net profit climbed to $66.5 million, compared to $43.4 million a year earlier.
Shares being offered in the IPO are coming from stakeholder BNR Power Investments, which is jointly owned by GE Vernova and China’s Silk Road Fund. YPF Electric Energy itself will not receive any of the money raised through the offering.
Goldman Sachs, BofA Securities, and Citigroup are serving as global coordinators for the IPO. The company plans to list American Depositary Shares on the NYSE under the ticker symbol “YLUZ,” with each depositary share representing 10 Class B common shares.
