Genneia Begins Process for Argentina's First Wall Street IPO in Over Eight Years

Genneia has initiated the process to become the first Argentine company to launch an Initial Public Offering (IPO) on Wall Street in more than eight years. The energy company submitted a preliminary prospectus (Form F-1) to the U.S. Securities and Exchange Commission (SEC), the regulator for the U.S. capital markets.

If the offering proceeds, Genneia's shares would be listed on both the New York Stock Exchange (NYSE) and Argentina's Stock Exchange (BYMA). However, the company emphasized that filing the document is a "necessary step" for a potential offering and does not guarantee it will happen. Genneia stated that a final decision depends on market conditions.

The prospectus indicates the offering will be global, including American Depositary Shares (ADS) on the NYSE under the symbol GENN, and Class B shares on BYMA, also under GENN. The offering will consist of both primary issuance, raising new capital for Genneia, and a sale of shares by existing shareholders. Key details such as the price range, number of shares, and debut date remain undefined.

Morgan Stanley and BTG Pactual are coordinating the global offering, with BofA Securities, J.P. Morgan, and Latin Securities acting as joint bookrunners. Genneia will maintain a dual-class share structure, with Class A shares holding five votes and Class B shares, offered to the public, holding one vote. The company will continue to be considered a "controlled company" under NYSE rules, meaning its controlling group will retain control post-offering.