LNG Exporter Venture Global Stock Closes Below IPO Price in Debut

Key Takeaways

Shares of
liquefied natural gas (LNG)
exporter Venture Global (

VG

) closed Friday’s first day of trading below their
initial public offering (IPO)
price of $25 per share.

Venture Global opened on the
New York Stock Exchange (NYSE)
at $24.05 per share and closed at $23.94, more than 4% below the IPO price.

The company generated $1.75 billion by pricing 70 million shares in the middle of its $23 to $27 range. Venture Global initially offered 50 million shares priced between $40 and $46, the midpoint of which would have allowed the firm to raise $2.15 billion.

Venture Global 9-Month Revenue, Profit Down in 2024

The company had raised roughly $54 billion in capital and had generated about $14.2 billion in
net proceeds
as of Sept. 30, according to its
prospectus
. Across the first nine months of the year, Venture Global produced profit of $604 million, or 23 cents per share, on revenue of $3.45 billion, well below the respective figures for 2023.

According to

The Wall Street Journal

, the company faces
arbitration
challenges, as long-term customers have complained that Venture Global sold its LNG on the spot market following Russia’s invasion of Ukraine to take advantage of higher prices

.

UPDATE—This article has been updated with closing share price information.

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