Argentina's Genneia power company reveals revenue increase in US IPO
Genneia, a Argentine 'power 'producer, revealed a jump in annual revenues on Thursday when it filed its U.S. Initial Public Offering filing. It joined a number of other energy companies that have decided to go public this year.
The listing follows a successful?second quarter in the U.S. IPO Market, as a steady stream of large deals and SpaceX’s record-breaking listing pushed annual proceeds beyond $100 billion.
This year investors have shown a strong appetite for energy firms, particularly those focused on renewables. Companies like?Fervo Energy or SOLV Energy made successful debuts in the New York market.
Genneia was founded in 1991 as Empresa de Gas del Sudeste. Its roots are in the gas trade, thermal power and transportation during a period of privatization for Argentina's energy industry.
In its prospectus, the company stated that it focuses on renewable energies and owns and operates 2,128 Megawatts installed capacity in wind, solar and thermo generation.
It reported a net?profit?of 94.5 million dollars on revenue of 361.3 million dollars in 2025. This compares to a profit?of $46.2 million dollars and revenue of $311.1 millions dollars a year ago.
Genneia, along with some of the selling shareholders, plan to sell shares in this offering. Morgan Stanley,?BTG Pactual and Bank of America are among the joint bookrunners.
Genneia, a company based in Olivos in Argentina, has applied to be listed on the New York Stock Exchange as well as the Bolsas y Mercados Argentinos with the symbol "GENN". Reporting by Arasu Kanagi Basil in Bengaluru and Utkarsh shetti; Editing by Joyjeet Das
(source: Reuters)
