Argentina power producer Genneia eyes first US IPO of Milei era

Argentine power producer Genneia SA is preparing an initial public offering in New York for as soon as the first quarter of 2026, according to people familiar with the matter. 

President Javier Milei’s resounding win in Argentina’s midterm elections last month has opened a new window for corporate access to global capital markets. A swathe of companies have sold bonds in the past few weeks, and Genneia would be the first IPO from the country in the US since at least 2019, according to data compiled by Bloomberg. 

Genneia runs power plants with capacity to produce 1.8 gigawatts, most of it renewable wind and solar energy. Its management team is preparing paperwork for the New York IPO with a view to listing in the first quarter, though it could take longer, said the people, who weren’t authorised to discuss private deliberations.

Genneia declined to comment.

A handful of companies from the banking and energy sectors are also working to debut in the United States or make follow-on sales, said the people.

The wave of New York equity offerings would be the first since the government of Mauricio Macri, who briefly wooed investors with a business-friendly agenda before an economic crisis ended his presidency and the door to Argentine corporate finance in the US closed just as quickly.