Venture Global (VG Proposed) slashed its price range to $23.00 to $27.00 – down from $40.00 to $46.00 – and increased the number of shares to 70.0 million shares – up from 50.0 million shares – to raise $1.75 billion, according to an S-1/A filing early today – Wednesday, Jan. 22, 2025.
The sharp cut in the price range followed pushback from IPO investors on the valuation.
Goldman Sachs and J.P. Morgan are leading the joint book-running team. The book-runners’ roster includes BofA Securities, ING, RBC Capital Markets, Scotiabank, Mizuho, Santander, SMBC Nikko, MUFG, BBVA, Loop Capital Markets, Natixis, Deutsche Bank Securities, Wells Fargo Securities and Truist Securities.
Venture Global, based in Arlington, Virginia, plans to use some of the IPO proceeds toward the construction costs of its LNG projects in Louisiana, according to the prospectus.
The company is not profitable. For the 12 months that ended Sept. 30, 2024, Venture Global reported a net loss of $244.0 million on revenue of $5.1 billion.
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