YPF Electric Energy, a Buenos Aires-based power generator, disclosed a 45.8% increase in quarterly revenue in its filing for a U.S. initial public offering, positioning itself among energy-sector companies pursuing New York listings as market sentiment improves.
The filing states the company operates 17 thermal and renewable power plants with a combined installed capacity of 3,764 megawatts (MW). For the year ended March 31, renewable sources - including wind and solar farms in its portfolio - accounted for 19% of the electricity the company supplied, with the remainder generated from thermal facilities. The filing says renewable output is expected to grow as recently completed plants ramp up operations.
Financials disclosed in the IPO paperwork show revenue of $217.2 million for the three months ended March 31, up from $149 million in the same period a year earlier. Net profit for the quarter rose to $66.5 million from $43.4 million a year prior.
The filing also notes that stakeholder BNR Power Investments - owned by GE Vernova and China’s Silk Road Fund - will be selling shares in the offering. YPF Electric Energy will not receive any of the proceeds from the IPO, according to the documents.
Commenting on the potential market reception, IPOX CEO Josef Schuster said: "Given its significant size and role amongst leading utilities in Argentina, I believe there will be significant interest for the IPO in principle." He added: "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."
Goldman Sachs, BofA Securities and Citigroup are named as global coordinators for the offering. The company plans to list American Depositary Shares (ADS) on the New York Stock Exchange under the ticker "YLUZ." Each ADS will represent 10 Class B common shares.
Context and implications
The filing lays out the company’s current generation mix and near-term expectations for increased renewable contribution as new plants reach full output. It also identifies the transaction structure: shares offered by an existing stakeholder, with YPF Electric Energy itself receiving no capital from the sale. The choice to list ADS on the NYSE underlines the company’s intent to access U.S. investors.