Key Takeaways
- Shares of liquefied natural gas exporter Venture Global debuted Friday below their initial public offering price of $25 per share.
- The company generated $1.75 billion by pricing 70 million shares in the middle of its $23 to $27 range.
- Venture Global initially offered 50 million shares priced between $40 and $46, the midpoint of which would have allowed the firm to raise $2.15 billion.
Shares of liquefied natural gas (LNG) exporter Venture Global (VG) debuted Friday below their initial public offering (IPO) price of $25 per share.
Venture Global opened on the New York Stock Exchange (NYSE) at $24.05 per share and late in Friday’s session was trading at $24.67, about 1.3% below the IPO price.
The company generated $1.75 billion by pricing 70 million shares in the middle of its $23 to $27 range. Venture Global initially offered 50 million shares priced between $40 and $46, the midpoint of which would have allowed the firm to raise $2.15 billion.
Venture Global 9-Month Revenue, Profit Down in 2024
The company had raised roughly $54 billion in capital and had generated about $14.2 billion in net proceeds as of Sept. 30, according to its prospectus. Across the first nine months of the year, Venture Global produced profit of $604 million, or 23 cents per share, on revenue of $3.45 billion, well below the respective figures for 2023.
According to The Wall Street Journal, the company faces arbitration challenges, as long-term customers have complained that Venture Global sold its LNG on the spot market following Russia’s invasion of Ukraine to take advantage of higher prices.