Bengaluru: Shares of Venture Global opened about 4% lower than their initial public offering price in a weak debut on the New York Stock Exchange on Friday, giving the liquefied natural gas exporter a valuation of $58.2 billion and reinforcing investors’ cautious approach to new listings.
The IPO was expected to be the first mega listing of 2025, as well as a real test of energy companies’ appetite under the Trump administration. Arlington, Va.-based Venture Global had already cut its valuation sharply when it sold shares in its IPO on Thursday, settling for a price roughly 45% lower than the $110 billion it had earlier aimed for.
It sold 70 million shares to raise $1.75 billion, far less than its initial plan to raise up to $2.3 billion. Investors and analysts said the initial target was “high” and expressed concerns about its long-term profit estimates and ongoing legal battles.