A unit of power generator firm NRG Energy Inc., NRG Yield has filed with US securities regulators an application for an initial public offer of its class A shares. The IPO is projected to raise up to US$400 million.
The said regulatory filing though did not mention the number of shares that is planned to be sold at the IPO and its expected price range per share.
The reason for the formation of NRG Yield was to operate and acquire contracted conventional and renewable infrastructure for power generation. The said share offer is to be listed at the New York Stock Exchange using the symbol 'NYLD'.
Currently, NRG Energy is the biggest competitive power generator in the United States having a capacity of nearly 47,000 megawatts. It would be owning the outstanding class B common shares of stock of NRG Yield after the IPO, as confirmed with the US Securities and Exchange Commission.
According to the firm, Citigroup Global Markets, BofA Merrill Lynch and Goldman Sachs are the underwriters of the said offering.
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