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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