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Venture Global launches 2025's first blockbuster US IPO

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LNG exporter seeks as much as $2.3 bln in New York IPO

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Set to be one of the biggest US energy listings ever

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Venture Global has vaulted into the top ranks of LNG

exporters

(Adds background on company in paragraphs 15 and 16, and

milestone in paragraphs 9 to 10)

Jan 13 (Reuters) - 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 ( SRE ).

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".