Venture Global, a US export-focused LNG producer operating in Louisiana, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Arlington, VA-based company now plans to raise $1.8 billion by offering 70 million shares at a price range of $23 to $27. The company had previously filed to offer 50 million shares at a range of $40 to $46. At the midpoint of the revised range, which represents a 42% cut from the original range, Venture Global will raise 19% less in proceeds than previously anticipated.
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 nameplate capacity of 10.0 million tonnes per annum (mtpa), roughly equivalent to 520 million MMBtu per year, but has plans for five projects with expected peak capacity of 143.8 mtpa (104.4 mtpa nameplate, 39.4 mtpa excess). Customers include Shell, BP, Orlen, and Edison.
Venture Global 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. Goldman Sachs, J.P. Morgan, BofA Securities, ING, RBC Capital Markets, Scotia Capital, Mizuho Securities, Santander, SMBC Nikko, MUFG, BBVA, Loop Capital Markets, Natixis, Deutsche Bank, Wells Fargo Securities, and Truist Securities are the joint bookrunners on the deal. It is still expected to price during the week of January 20, 2025.
