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19 Nov 2024
(Bloomberg) — Venture Global LNG Inc., a leading US supplier of liquefied natural gas (LNG), is preparing to file for an initial public offering (IPO) this week that could raise over ₹25,000 crore ($3 billion), according to sources familiar with the matter.
The Arlington, Virginia-based company is collaborating with Goldman Sachs Group Inc., JPMorgan Chase & Co., and Bank of America Corp. for the listing. Representatives from these firms and Venture Global declined to comment.
This potential ₹25,000 crore IPO would rank among the largest global share sales this year. To date, IPOs on US exchanges have raised about ₹3.33 lakh crore ($40 billion) in 2024, a 60% increase from the same period in 2023, yet still below pre-pandemic averages.
Venture Global operates the Calcasieu Pass facility in Louisiana and is starting its second plant, Plaquemines LNG, near New Orleans. Future projects CP2 and Delta LNG are also planned in Louisiana, pending permits.
Once Plaquemines LNG is fully operational, Venture Global will become the second-largest US LNG producer, following Cheniere Energy Inc.
Co-founders Mike Sabel and Bob Pender launched the company in 2013, initially considered underdogs in the Houston energy sector. Calcasieu Pass began exporting LNG in 2022, but technical issues have delayed deliveries on long-term contracts with major buyers such as Shell Plc., BP Plc., and China's Sinopec. These delays have led to arbitration with customers and calls for regulatory intervention.
In addition, former employees have filed lawsuits against Venture Global over stock option disputes, including a recent suit by former executive Jessica Wickett.
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