*

First big IPO of Trump's second term

*

Trump's order to end moratorium on new LNG export permits

a

boost

*

Company forced to halve valuation as investors balk at

earnings

outlook

*

Concern also over Venture Global's ( VG ) contract arbitration

cases

(Recasts throughout)

Jan 23 (Reuters) - Liquefied natural gas exporter

Venture Global ( VG ) said on Thursday it had raised $1.75

billion, marking the first big initial public offering of

President Donald Trump's second term as investors bet on his

plan to boost U.S. energy production.

Venture Global ( VG ) is the second-largest exporter of

liquefied natural gas, or LNG, in the United States, and one of

Trump's first moves after his inauguration was to sign an

executive order

to end a moratorium

on new LNG export permits, which clears an obstacle to

Venture Global's ( VG ) expansion plan.

However, the company was forced to nearly halve the

valuation it was seeking after investors balked at its estimates

for long-term profit for exports, Reuters reported on

Wednesday.

The offering of 70 million shares was sold at $25 each,

within a revised range of $23 to $27 apiece. The company also

increased the number of shares on offer.

The company had initially set a target of selling 50 million

shares for $40 to $46 each to raise as much as $2.3 billion for

a valuation of $110 billion.

Trump had promised to maximize U.S. oil and natural gas

production in part by clearing away what he deems unnecessary

regulation and bureaucracy. Trump has also said he wants to see

European companies buy more U.S. LNG.

Venture Global's ( VG ) offering extends a strong start to the year

for IPOs, buoyed by interest rate cuts by the U.S. Federal

Reserve and expectations of deregulation and corporate tax

reductions under the Trump administration.

Oilfield services provider Flowco's ( FLOC ) shares jumped

in their market debut last week, while Smithfield Foods is set

to go public next week with a valuation aim of $10.7 billion.

Venture Global ( VG ) has five LNG projects in various stages of

development near the Gulf of Mexico in Louisiana and expects to

have total peak production of 143.8 million tonnes a year.

Developers such as Venture Global ( VG ) have built terminals along

the U.S. Gulf Coast to liquefy and ship the gas, turning the

United States into the world's top LNG exporter.

Investors had been concerned by Venture Global ( VG ) facing

contract arbitration cases brought by some of the world's top

oil and gas producers, including BP, Shell and

Repsol, for cargoes exported from the company's first

project, the Calcasieu Pass plant.

The cases could cost Venture Global ( VG ) billions of dollars if

it loses, its IPO document indicated.

Despite the price revision, Venture Global's ( VG ) market value is

on track to surpass rival Cheniere Energy, currently the

largest U.S. LNG exporter with a market value of around $52.36

billion.

Venture Global ( VG ), founded in 2013, will start trading on the

New York Stock Exchange on Friday under the ticker symbol "VG."

The IPO is being underwritten by a syndicate of Wall Street

banks led by Goldman Sachs, JPMorgan ( JPM ) and BofA Securities.