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Argentina’s state-backed energy company YPF’s subsidiary, YPF Electric Energy, has filed for an IPO in the US where it plans to list American Depositary Shares (ADS) on the NYSE. The company reported a near 46% jump in its quarterly revenue to $217.2mn and its net profit rose by 53% YoY to $66.5mn for the quarter ended March 31. Net proceeds from the equity sale is expected to finance its expansion strategy across Argentina, that includes building new utility-scale solar farms, wind energy parks, and modernizing its existing thermal power infrastructure. The listing comes at a time where Argentinian President Javier Milei’s administration has worked on dismounting state subsidies, deregulating the energy sector, and attracting foreign direct investment.
YPF’s dollar bonds were trading stable with its 8.5% 2029s trading at 104.7, yielding 6.6%.
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