LNG exporter Venture Global seeks up to $110 billion valuation in blockbuster US IPO

Venture Global is targeting up to $110.38 billion valuation in its U.S. initial public offering, the liquefied natural gas exporter said on Monday, setting the stage for 2025's first blockbuster stock market flotation.

The Arlington, Virginia-based company is seeking to raise up to $2.30 billion by offering 50 million shares priced between $40 and $46 each.

Reuters exclusively reported on Saturday that Venture Global was set to formally pitch the highly anticipated IPO to investors this week.

The IPO comes amid growing global LNG demand as the world shifts towards renewable energy and countries seek a cleaner alternative to coal and oil.

The United States, a major LNG supplier to Europe and Asia, has emerged as the world's largest exporter of the superchilled gas, thanks to its abundant natural gas reserves and the development of LNG terminals along the Gulf Coast.

President-elect Donald Trump's incoming administration is widely expected to bring an end to Biden administration's pause on LNG export approvals.

Venture Global currently has five LNG projects in various stages of development near the Gulf of Mexico in Louisiana.

The company has raised roughly $54 billion of capital for its projects and generated about $19.6 billion in gross proceeds from LNG sales as of Sept. 30.

A $2.30 bln IPO would be among the biggest energy listings ever in New York and the largest in more than a decade.

Conoco's $4.4 billion offering in 1998 was the biggest energy New York IPO ever by a U.S.-based company, followed by Kinder Morgan's $3.3 billion flotation in 2011, according to data compiled by LSEG.

METEORIC RISE

Venture Global was founded in 2013 by two industry outsiders - former investment banker Michael Sabel and financial lawyer Robert Pender.

Since then, Venture Global has rapidly grown into one of the biggest U.S. LNG exporters, competing with names such as Cheniere Energy, Freeport LNG, and Sempra.

The company began generating proceeds in 2022 when its first facility, Calcasieu Pass, started producing the superchilled gas.

Plaquemines, its second facility, began producing the superchilled gas last month, becoming the first new U.S. LNG plant to start operations since 2022.

Once fully operational, Plaquemines will be among the world's biggest LNG facilities.

Sabel and Pender will continue to control over 50% of the voting power after the offering.

Goldman Sachs, J.P. Morgan and BofA Securities are the lead underwriters.

Venture Global will be listed on the New York Stock Exchange under the symbol "VG".