Venture Global LNG is planning to lower the price range for its US initial public offering (IPO) and potentially offer more shares to investors, reported Reuters, citing a source with direct knowledge of this matter.
The company, which had previously indicated a price range of $40–46 per share, is now considering $32–38 for 62 million shares in its proposed New York flotation, up from its initial plan of 50 million shares.
Despite the lower price range, Venture Global plans to raise a comparable amount by offering a greater number of shares.
Earlier this month, Reuters reported that the company was set to formally engage investors for its IPO, targeting a valuation of $110bn and looking to raise up to $2.3bn, which would be the largest listing in a decade by an energy company in the US.
At the upper end of the revised price range and with the increased share count, Venture Global could raise up to $2.36bn.
The decision to revise the IPO plan is not yet final, said the source, while emphasising the confidential nature of the discussions.
Venture Global has not provided an official response to the potential development, reported the news agency.
In December 2024, Venture Global LNG sought to extend the force majeure at its Calcasieu Pass liquefied natural gas (LNG) plant in Louisiana to 2025.
This extension could push the start of long-term contract deliveries to three years after production begins, according to the company’s IPO document.
The document also revealed a sharp decline in operating profit due to lower gas prices, falling to $1.17bn in the first nine months of 2024 compared with $4.1bn during the same period in 2023.
