U.S. LNG exporter Venture Global is expecting a smaller raise Jan. 23 in pricing its IPO, according to an updated Securities and Exchange Commission filing.

The Arlington, Virginia-based company’s Jan. 13 expectation was to sell 50 million Class A shares at between $40 and $46 each. An update on Jan. 22 is for selling 70 million shares at between $23 and $27 each.

The overallotment was revised to 10.5 million shares, up from 7 million.

Venture Global’s enterprise value will be $65 billion if the top price is achieved Jan. 23, according to Reuters. Initially, the company had targeted a valuation of $110 billion.

The stock, which is to be listed on the New York Stock Exchange under the ticker symbol “VG,” is expected to begin trading Jan. 24.

The IPO’s bookrunners and co-managers total 21, including Goldman Sachs, J.P. Morgan and BofA Securities.

New plant

Venture Global’s S-1 was originally filed Dec. 20, just as Venture Global’s second plant—Plaquemines on the Mississippi River south of New Orleans—began loading a first tanker, Venture Bayou.

Last week, its average output was 940 MMcf/d, according to J.P. Morgan Securities analyst Arun Jayaram, citing Bloomberg Finance data.

The production was part of the 14.75 Bcf/d of LNG shipped from U.S. export plants that week.

Venture Global LNG Pares IPO Hopes by 15% to $2.2B
Venture Global’s two U.S. LNG export plants loaded 2.41 Bcf/d the week ending Jan. 16.

At press time, the Umm Chugwailina has been moored at the plant since Jan. 18.

The Port of New Orleans closed Jan. 19 as the approaching Winter Storm Enzo dropped snow and icy road conditions along the U.S. Gulf Coast. The port expects to reopen Jan. 24, according to its website.

Another LNG tanker, Diamond G Metropolis, was anchored at the river’s mouth, waiting for Umm Chugwailina to exit.

Venture Global LNG Pares IPO Hopes by 15% to $2.2B
Upon completion of three more LNG export plants, Venture Global will have 188 trains and 143.8 million tons per annum of capacity—the equivalent of 18.9 Bcf/d. Source: Venture Global’s S-1, Jan. 22, 2025. (1) Pending regulatory approval. (2) Subject to regulatory review. (Source: Venture Global’s S-1, Jan. 22.​​)

98% voting power

Venture Global Partners II, which is controlled by the LNG operator’s cofounders—energy banker Michael Sabel and attorney Robert Pender—will have 98% of voting power post-offering, according to the S-1.

Sabel and Pender control Venture Global’s Class B shares.

PIMCO (Pacific Investment Management Co.) owns 93.1% of the company’s Class A shares. Its post-offering voting power is expected to be 1.8%.

Class A shares will have one vote each, while Class B shares will have 10 votes each, according to the S-1.

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