Venture Global, a US export-focused LNG producer operating in Louisiana, announced terms for its IPO on Monday.
The Arlington, VA-based company plans to raise $2.2 billion by offering 50 million shares at a price range of $40 to $46. At the midpoint of the proposed range, Venture Global would command a fully diluted market cap of $115 billion.
At the midpoint, Venture Global would be the largest US energy IPO by deal size since 2013 (Plains GP Holdings; $2.8B), and the largest US energy listing on record by market cap at IPO.
The company develops and operates natural gas liquefaction and export projects in Louisiana. It uses a modular approach to project development, in which each facility includes 18+ liquefaction trains. It currently operates one facility on the Calcasieu Ship Channel with expected peak production capacity of 12.4 million tonnes per annum (mtpa), but has plans for five projects with expected peak capacity of 143.8 mtpa. Customers include Shell, BP, Orlen, and Edison.
Venture Global was founded in 2013 and booked $5.1 billion in sales for the 12 months ended September 30, 2024. Goldman Sachs, J.P. Morgan, BofA Securities, ING, RBC Capital Markets, Scotia Capital, Mizuho Securities, Santander, SMBC Nikko, MUFG, BBVA, Loop Capital, Natixis, Deutsche Bank, Wells Fargo, and Truist Securities are the joint bookrunners on the deal. It is expected to price during the week of January 20, 2025.
