American LNG exporter Venture Global (VG.US) lowers IPO size, plans to raise $1.8 billion.

LNG exporter Venture Global, based in Arlington, Virginia, announced on Wednesday that it is reducing the size of its upcoming IPO. The export-focused natural gas production company is now planning to raise $1.8 billion by issuing 70 million shares at a price range of $23 to $27 per share. Previously, the company planned to issue 50 million shares at a price range of $40 to $46 per share. Based on the revised price range midpoint, the fundraising amount has decreased by 42% compared to the initial plan, and the fundraising size will be 19% lower than expected. Venture Global specializes in developing and operating natural gas liquefaction and export projects in Louisiana. It utilizes a modular development model, with each facility containing 18 or more liquefaction production lines. Currently, the company operates a facility on Calcasieu Canal with an annual capacity of 10 million tons (equivalent to 520 million MMBtu per year). In addition, the company has planned five new projects with a peak capacity expected to reach 143.8 million tons per year (rated capacity of 104.4 million tons per year, additional capacity of 39.4 million tons per year). Its main customers include Shell, BP, Poland's Orlen group, and Italy's Edison. Venture Global was founded in 2013, and in the 12 months ending September 30, 2024, the company had revenues of $5.1 billion. For this IPO, the company plans to list on the New York Stock Exchange under the ticker symbol "VG." The offering is being underwritten by Goldman Sachs, J.P. Morgan, BofA Securities, ING, RBC Capital Markets, Nomura Securities, Santander, SMBC Nikko Securities, Mitsubishi UFJ Financial Group, CaixaBank, Loop Capital Markets, Natixis, Deutsche Bank, UBS, and Truist Securities. The transaction is expected to price in the week of January 20, 2025.