A unit of NRG Energy Inc., the biggest independent U.S. electricity producer, plans to raise as much as $411 million through an initial public offering.
NRG Yield Inc., a newly formed renewable-energy business, is offering about 19.6 million shares for $19 to $21 each, according to a filing today. It will be listed on the New York Stock Exchange under the symbol NYLD. The price of the offering is expected to be set July 17, according to data compiled by Bloomberg.
NRG Yield will acquire and own a mix of solar, wind and natural gas-fired generating assets and “pay a consistent and growing cash dividend,” it said in a filing June 7 when it announced the offering. NRG is expected to retain a majority voting interest in the unit and a similar economic interest in its assets.
Bank of America Corp., Goldman Sachs Group Inc. and Citigroup Inc. are leading the sale, NRG Yield said today in a statement.