The IPO Buzz: Venture Global (VG) Prices IPO at $25 Mid-Point to Raise $1.75B
LNG producer Venture Global (VG) priced its IPO at $25.00 – the mid-point of its recently lowered price range of $23.00 to $27.00 – and sold all 70.0 million shares – the number of shares in the prospectus – to raise $1.75 billion on Thursday night, Jan. 23, 2025. Venture Global’s stock is expected to start trading on Friday, Jan. 24, 2025, on the New York Stock Exchange.
Goldman Sachs and J.P. Morgan led the joint book-runners’ team.
Venture Global’s IPO price range was cut early Wednesday morning, Jan. 22, 2025, to $23.00 to $27.00 – down from $40.00 to $46.00 initially – and the IPO’s size was increased to 70.0 million shares – up from 50.0 million shares initially – to raise $1.75 billion. The lower price range marked a 42 percent cut from Venture Global’s original terms of $40.00 to $46.00 – on 50.0 million shares – to raise $2.15 billion.
Venture Global (VG Proposed), based in Arlington, Virginia, is building and developing five natural gas liquefaction and export projects in Louisiana near the Gulf of Mexico.
The company says that it intends to use the IPO’s net proceeds toward the cost of building and developing its LNG projects as well as to fund its LNG tanker milestone payments and its pipeline development projects, according to the prospectus.
Venture Global was NOT profitable for the 12 months that ended Sept. 30, 2024, when the company reported a net loss of $244.0 million on $5.1 billion in revenue.
In addition to Goldman Sachs and J.P. Morgan in the “lead left” joint book-runners’ spots, the cover of the prospectus showed another 14 investment banks as joint book-runners: 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.
Source: https://www.iposcoop.com/the-ipo-buzz-venture-global-vg-prices-ipo-at-25-mid-point-to-raise-1-75b/
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