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Two Argentine energy firms put US IPO plans on hold as market rout deepens
The shelved Genneia and YPF Luz listings dent hopes of reviving New York offerings by Argentine companies as local assets sell off ahead of next year's election.
What happened
Two Argentine energy companies have put plans for US initial public offerings this year on hold. Buenos Aires Times+2 Renewable-energy producer Genneia has put its New York listing on hold until at least 2027, as a sell-off in Argentine assets weighs on its potential valuation, according to people familiar with the matter. Buenos Aires Times Power producer YPF Luz's planned offering has been shelved after its controlling shareholder agreed to buy out a minority investor whose exit had been a key driver of the IPO. Buenos Aires Times The setbacks hurt hopes of reviving the country's long-dormant market for New York stock listings. Buenos Aires Times+1
Around it
Argentine stocks and bonds have tumbled in recent months, caught in a broader global retreat from riskier assets and growing investor anxiety ahead of President Javier Milei's re-election bid next year. Buenos Aires Times The benchmark S&P Merval has fallen almost 30 percent in dollar terms from its June high, while sovereign bonds are among the worst performers in emerging markets since September. Buenos Aires Times An equity and credit research analyst, Ezequiel Fernández, said both IPO processes are in all likelihood suspended given market conditions. Buenos Aires Times
Sources
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