Venture Global, a US-based export-focused LNG producer operating in Louisiana, filed on Friday with the SEC for an initial public offering that we estimate could raise up to $3 billion.
Venture Global is commissioning, constructing, and developing five natural gas liquefaction and export projects near the Gulf of Mexico in Louisiana, utilizing its unique "design one, build many" approach. These projects are being designed to deliver a total expected peak production capacity of 143.8 million tonnes per annum (mtpa), which consists of an aggregate of 104.4 mtpa expected nameplate capacity and an aggregate of 39.4 mtpa of expected excess capacity. To date, the company has been generating proceeds from the sale of commissioning cargos at the Calcasieu Project since the 1Q22, and expects to do so at each of its other projects during commissioning prior to achieving commercial operations for the relevant project or phase of a project.
The Arlington, VA-based company was founded in 2013 and booked $5.1 billion in revenue for the 12 months ended September 30, 2024. It plans to list on the NYSE under the symbol VG. Venture Global filed confidentially on August 8, 2024. Goldman Sachs, J.P. Morgan, BofA Securities, ING, RBC Capital Markets, Scotia Capital, Mizuho Securities, Santander, SMBC Nikko, MUFG, and BBVA are the joint bookrunners on the deal. No pricing terms were disclosed.
