Venture Global (VG.US) scales back IPO, aiming to raise $1.8 billion.

Venture Global, an LNG exporter headquartered in Arlington, Virginia, announced on Wednesday that it is lowering the size of its upcoming IPO. The company, which focuses on exporting natural gas, now plans to raise $1.8 billion by issuing 70 million shares at a price range of $23 to $27 per share. Earlier, the company planned to raise $2 billion by issuing 50 million shares at a price range of $40 to $46 per share. At the midpoint of the revised price range, the financing amount is 42% lower than originally planned, and the financing size is 19% lower than expected. Venture Global focuses on the development and operation of LNG liquefaction and export projects in Louisiana. It adopts a modular development model, with each facility containing more than 18 LNG production lines. Currently, the company operates a 10 million-ton-per-year (equivalent to 520 million MMBtu per year) facility on the Calcasieu Canal. It also plans five new projects, with a peak capacity of 14.38 million tons per year (rated capacity of 10.44 million tons per year, additional capacity of 3.94 million tons per year). Its main customers include Shell, BP, the Polish Orlen Group, and Edison of Italy. Venture Global was founded in 2013, and its revenue reached $5.1 billion in the 12 months ended September 30, 2024. The company plans to list on the New York Stock Exchange under the symbol "VG" in this IPO. The underwriters for the offering are Goldman, J.P. Morgan, Bank of America Securities, ING, RBC Capital Markets, Scotia Capital, Mizuho Securities, Santander, SMBC, Mitsubishi UFJ Financial, BPI, Loop Capital Markets, Natixis, Deutsche Bank, WELLS Fargo, and Truist Securities. The transaction is expected to be priced during the week of January 20, 2025.