Genneia SA, an Argentine power producer, has filed for an initial public offering (IPO) in New York, aiming to raise $100 million. This move would make it the first company from Argentina to list in the US in at least seven years, with the last being Grupo Supervielle. Genneia plans to offer its Class B common stock as American Depositary Shares (ADSs) on the NYSE under the ticker symbol GENN. The underwriters for the offering include Morgan Stanley, Banco BTG Pactual, BofA Securities, JPMorgan, and Latin Securities SA Agente de Valores.
Genneia is a significant player in the Argentine energy sector, particularly in renewables. It boasts 2.1 gigawatts of gross installed capacity, predominantly from wind and solar sources. The company reported revenues of $96.4 million and net income of $7.9 million in the first quarter of the current year. Genneia identifies itself as Argentina's leading renewable energy provider, contributing 19% of the total installed capacity, with 21% of wind energy generation and 12% of solar energy generation. For 2025, the company disclosed $94.5 million in profit on $361.3 million in revenue.
The decision to pursue a US listing follows a period of renewed market confidence in Argentina, largely attributed to President Javier Milei's economic policies. Milei's administration has been praised for reducing inflation from nearly 300% to approximately 33%, eliminating the fiscal deficit, and boosting hard-currency reserves. These actions have led to upgrades in Argentina's credit ratings by Fitch Ratings and S&P Global Ratings to single-B territory, marking the first time since 2018. The more stable economic environment has encouraged a resurgence in corporate debt issuances and potential equity offerings from Argentine companies.
Genneia, founded in 1991 as Emgasud by Jorge de Pablo and Alejandro Ivanissevich, has a strong pipeline of projects. The company has 784 MW of capacity in wind energy from various wind farms and is constructing the La Elbita Wind Farm (162 MW) and solar parks in Malargüe (90 MW) and Anchoris (180 MW). Its operational solar parks currently provide 220 MW from 520,000 solar panels. Genneia aims to surpass 2 gigawatts of installed capacity by 2026, supported by an estimated capital program of $900 million between 2022 and 2026. The company's revenue contracts are dollar-indexed, providing some protection against the volatility of the Argentine peso, which has depreciated significantly.
