Venture Global, a US export-focused LNG producer operating in Louisiana, raised $1.8 billion by offering 70 million shares at $25, the midpoint of the downwardly revised range of $23 to $27.
The company originally filed to offer 50 million shares at a range of $40 to $46, before slashing its proposed range and upping its share offering on Wednesday morning. At pricing, Venture Global commands a fully diluted market value of $67 billion.
Venture Global is the largest IPO by deal size since Lineage (LINE) last July, and the biggest IPO in the energy sector in over a decade. By market cap at IPO, Venture Global is the seventh-largest US listing in our firm's 30+ year history.
Venture Global develops and operates natural gas liquefaction and export projects in Louisiana. It uses a modular approach to project development, where 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.
Venture Global plans to list on the NYSE on Friday under the symbol VG. Goldman Sachs, J.P. Morgan, and BofA Securities acted as lead bookrunners, while 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 acted as joint bookrunners on the deal.