NRG unit hopes to raise up to $411M in IPO
PRINCETON, N.J. (AP) — Power provider NRG Energy Inc. said Monday that one of its subsidiaries hopes to raise up to $411.1 million in an initial public offering of common stock.
NRG Yield expects to sell 19.6 million shares for $19 to $21 each. The banks managing the IPO could buy another 2.9 million shares if there's demand for them, adding to the proceeds.
NRG, which is based in Princeton, N.J., created NRG Yield to acquire and operate natural gas, solar and wind plants.
Shares of NRG Yield are expected to trade on the New York Stock Exchange under the symbol "NYLD."
NRG Energy's stock rose $1.06, or 4 percent, to $27.19 in afternoon trading.