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LNG producer Venture Global files for IPO on NYSE
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LNG producer Venture Global files for IPO on NYSE
Dec 20, 2024 2:06 PM

Dec 20 (Reuters) - Venture Global, one of the largest

producers of liquefied natural gas in the United States, on

Friday filed for what could be one of the largest initial public

offerings globally next year.

The LNG producer plans to list its Class A common shares

under the symbol "VG" on NYSE, the company's filing showed.

In November, Reuters reported that the Arlington,

Virginia-based company was planning to raise about $3 billion

from its IPO in New York.

Cold storage giant Lineage's $4.44 billion New York

IPO in July and Hyundai Motor India's $3.33 billion

Mumbai IPO last month were two of the largest listings this

year, LSEG data showed.

The company plans to use part of the proceeds for general

business purposes, including funding its operations.

After the IPO, Venture's founders and co-chairmans, Robert

Pender and Michael Sabel, will continue to hold more than 50% of

voting power through their entity Venture Global Partners II,

LLC, the company said in its filing. Sabel is also the company's

CEO.

It said Goldman Sachs & Co., J.P. Morgan, BofA Securities,

ING, RBC Capital Markets, Scotiabank and Mizuho are among the

underwriters for the IPO, according to the filing.

Founded 11 years ago, Venture Global has already rocketed

into the top ranks of U.S. natural gas exporters, competing

against larger rivals Cheniere Energy, Freeport LNG and

Sempra ( SRE ).

Venture Global has two operating plants in Louisiana, with

its second facility at Plaquemines achieving its first LNG

production just last week.

The company reported revenues of $3.45 billion for the nine

months ended Sep 30, compared with $6.27 billion, a year

earlier.

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