UPDATE 2-Argentina power firm Genneia reveals revenue jump in US IPO filing
Fervo Energy Company Class A FRVO | 0.00 | |
SOLV Energy Inc Class A MWH | 0.00 |
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July 2 (Reuters) - Argentine power producer Genneia revealed an annual revenue jump in its U.S. initial public offering filing on Thursday as it joined a host of energy firms to tap public markets this year.
The listing comes after a strong second quarter for the U.S. IPO market as a steady flow of large deals and SpaceX's SPCX.O record-breaking listing pushed quarterly proceeds past $100 billion.
Investor appetite for energy firms has been strong this year, with companies focused on renewable power such as Fervo Energy FRVO.O and SOLV Energy MWH.O marking successful debuts in New York.
Genneia, incorporated in 1991 as Empresa de Gas del Sudeste, traces its roots in gas trading, transportation and thermal power at a time of privatization in Argentina's energy sector.
The company focuses on renewable energy and outlined in its prospectus that it owns and operates 2,128 megawatts of installed capacity across wind, solar and thermal generation.
It disclosed a net profit of $94.5 million on revenue of $361.3 million in 2025, compared with $46.2 million of profit and $311.1 million in revenue a year earlier.
Genneia and some selling shareholders plan to sell shares in the offering. Morgan Stanley and BTG Pactual are the global coordinators, while Bank of America and J.P. Morgan are among the joint bookrunners.
Olivos, Argentina-based Genneia has applied to list on the New York Stock Exchange and the Bolsas y Mercados Argentinos under the symbol "GENN".
