(Reuters) – Venture Global LNG has raised $1.75 billion after pricing its U.S. initial public offering, the second-largest U.S. liquefied natural gas exporter said on Thursday.
The company priced its 70 million-share offering at $25 apiece, a day after it cut its price range to between $23 and $27 apiece and increased its share offering.
The company originally set a goal of selling 50 million shares at $40 to $46 to raise as much as $2.3 billion at a $110 billion valuation.
Venture Global was forced to almost halve the valuation it was seeking after investors dismissed its estimated long-term profits for LNG exports, Reuters reported on Wednesday.
The promotion, the first major IPO of President Donald Trump’s second term, is also a bet on the incoming administration’s plans to increase energy production.
Trump has vowed to maximize U.S. oil and natural gas production in part by eliminating what he sees as unnecessary regulation and red tape.
On the first day, he signed an executive order lifting the moratorium on new LNG export licenses, removing an obstacle to Venture Global’s expansion plan. He also said he wants to see European companies buy more US LNG.
