Two major Argentine energy companies have shelved plans for US initial public offerings this year, dashing hopes of reviving the country's dormant New York listings market. Renewable-energy producer Genneia SA has delayed its IPO until at least 2027 as a selloff in Argentine assets depresses valuations, while power producer YPF Luz abandoned its offering after controlling shareholder YPF SA agreed to buy out a minority investor for $430 million.
The setbacks coincide with a sharp deterioration in Argentine markets. The benchmark S&P Merval has fallen nearly 30% in dollar terms from its June peak, and sovereign bonds rank among the worst performers in emerging markets since September. Rising US Treasury yields and global risk aversion have compounded concerns over Argentina's economic outlook ahead of President Javier Milei's 2027 reelection bid.
Argentina has not seen a US equity debut since Vista Energy in 2019. While energy firms have raised billions via international bonds, falling share prices make equity listings unattractive. Genneia had advanced significantly — filing with US regulators in July with Morgan Stanley and BTG Pactual as coordinators — but shifted to wait-and-see mode. Analysts say companies prefer to wait for a rebound rather than sell at depressed multiples.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing