YPF Luz files for dual NYSE and BYMA listing

YPF Luz, the power generation subsidiary majority-owned by YPF (YPF), submitted a preliminary Form F-1 registration to the U.S. Securities and Exchange Commission on July 13, 2026. The filing outlines plans for a potential initial public offering with a listing on the New York Stock Exchange and a simultaneous listing on Argentina’s BYMA market. The transaction structure is designed as a global share offering, providing access to international investors while keeping the company’s existing ownership framework largely intact.

The proposed listing in New York would be carried out through American Depositary Shares, each representing ten Class B common shares. The intended NYSE ticker symbol for these ADSs is YLUZ. The filing describes the registration as preliminary, with the completion and timing of any offering subject to market conditions and the effectiveness of the SEC registration.

The prospectus specifies that the offering will consist solely of a secondary sale of existing Class B shares held by BNR Power Investments B.V. BNR Power Investments currently owns 24.99% of YPF Luz and would receive the proceeds from any sale of its shares. YPF Luz itself will not issue new shares and will not receive any funds from the global offering.

Following the contemplated transaction, YPF (YPF) would remain the sole controlling shareholder of YPF Luz. YPF (YPF) holds 75.01% of the company and, under the disclosed structure, would maintain control even after BNR Power’s sale of shares. The filing positions the deal as a way for a minority investor to obtain liquidity while preserving the company’s strategic control.

The registration names Goldman Sachs, Bank of America Securities and Citigroup as global coordinators for the transaction. Additional bookrunners and placers include BNP Paribas (BNPp), Itaú BBA, J.P. Morgan and Santander. This syndicate is mandated to manage the international marketing and distribution of the ADSs, subject to regulatory approvals.

The planned structure, combining a New York listing with a local BYMA listing, aims to create a broader investor base spanning international and domestic markets. While the filing does not specify the size or valuation of the potential offering, it establishes the framework for a dual-market presence for YPF Luz’s equity.

YPF Luz operates 17 power generation assets with approximately 3,764 megawatts of installed capacity. Over the 12 months ended March 31, 2026, these assets supplied about 15 terawatt-hours of electricity. The portfolio includes both conventional and renewable energy projects, reflecting a diversified generation mix.

Renewable sources accounted for roughly 19% of the electricity supplied during that 12-month period. This share underscores a growing, though still minority, contribution from renewable generation within the company’s overall output. The combination of scale and diversification positions YPF Luz as a significant private power producer in the Argentine market.

Financial data disclosed in the filing show that YPF Luz generated revenue of $217.2 million for the three months ended March 31, 2026, compared with $149.0 million in the same period a year earlier. Net profit for that quarter was $66.5 million, up from $43.4 million a year before. Separate reporting cites full-year 2025 revenue of $641 million and adjusted EBITDA of $427 million, indicating a period of growth in both top line and operating earnings.

The Form F-1 submission follows a separate SEC registration in July by Genneia, another Argentine energy company, highlighting renewed interest in U.S. capital markets among power producers from the country. Within this context, YPF Luz’s planned offering would add another sizeable energy issuer to the potential Argentina-linked IPO pipeline in New York, contingent on regulatory approval and investor demand.