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Argentina's YPF Luz seeks dual listing in New York and Buenos Aires

YPF Luz, which has operated since 2013, presents itself as Argentina's largest independent power generator by installed capacity

Argentine power generator YPF Luz has filed a preliminary prospectus with the US Securities and Exchange Commission (SEC) for a potential initial public offering of shares, which would list simultaneously on the New York Stock Exchange and on Bolsas y Mercados Argentinos (BYMA) in Buenos Aires.

The company clarified that this is a first formal step, subject to regulatory approval and market conditions, and that the registration statement is not yet effective, so no securities can be sold for now. According to the prospectus, the shares would list in New York as American Depositary Shares under the symbol “YLUZ,” with each unit representing ten Class B ordinary shares. The global coordinators of the offering are Goldman Sachs, BofA Securities and Citigroup.

The offering corresponds to the stake held by BNR Power Investments, a company owned in equal parts by US firm GE Vernova and China's state investment fund Silk Road Fund, which holds 24.99% of the capital and is divesting its holding. Once the operation is completed, the oil company YPF — currently the holder of 75.01% — would remain as the sole controlling shareholder. The company warned in the prospectus that, in that capacity, YPF's interests could differ from those of the other shareholders.

YPF Luz, which has operated since 2013, presents itself as Argentina's largest independent power generator by installed capacity. It manages 17 assets — renewable generation parks and thermal plants — spread across eight provinces, with a total capacity of around 3,764 megawatts, equivalent to 8.2% of the capacity connected to the national grid. In the twelve months ended in March 2026 it supplied close to 10% of the electricity delivered to the interconnected system. In 2025 it posted revenues of 640.8 million dollars, with much of its billing coming from long-term dollar-denominated supply contracts with companies such as Femsa, Toyota and Ford. It is currently building a 90-megawatt battery storage system at its Dock Sud plant.

YPF Luz's move is the second such filing by an Argentine company in July, after renewable generator Genneia began the same process on the 2nd. If completed, both operations would mark the return of Argentine initial public offerings to Wall Street after more than eight years, and the first during the administration of President Javier Milei. The most recent was that of power company Central Puerto, which began trading on the New York Stock Exchange in February 2018.

The move comes amid renewed investor interest in Argentine assets, particularly in the energy sector, aided by the government's deregulation drive and the expansion of activity in areas such as Vaca Muerta and renewables.