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Venture Global, one of the biggest US liquefied natural gas exporters, has scaled back its IPO plans, and is now seeking a valuation about 40 per cent less than the $110bn it targeted earlier this month.
The company said it would sell 70,000 shares for up to $27 each, according to a securities filing on Wednesday, compared with its plan in a January 13 filing to sell 50,000 shares for up to $46 each.
At the high end of its new share price range, Venture Global would raise almost $1.9bn, down from its previous goal of $2.3bn, which would have been one of the largest energy sector listings in more than a decade.
The change in float price and the number of shares being offered for sale could leave the company valued at about $65bn.
Venture Global’s proposed float comes as LNG developers are poised to be one of the top beneficiaries in the second term of US President Donald Trump, who on Monday ordered the end of a Biden-era moratorium on licensing for LNG terminals.
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