LNG producer Venture Global files for IPO on NYSE

(Reuters) -Venture Global, one of the largest producers of liquefied natural gas in the United States, on Friday filed for what could be one of the largest initial public offerings globally next year.

The LNG producer plans to list its Class A common shares under the symbol "VG" on NYSE, the company's filing showed.

In November, Reuters reported that the Arlington, Virginia-based company was planning to raise about $3 billion from its IPO in New York.

Cold storage giant Lineage's $4.44 billion New York IPO in July and Hyundai Motor (OTC:HYMTF ) India's $3.33 billion Mumbai IPO last month were two of the largest listings this year, LSEG data showed.

The company plans to use part of the proceeds for general business purposes, including funding its operations.

After the IPO, Venture's founders and co-chairmans, Robert Pender and Michael Sabel, will continue to hold more than 50% of voting power through their entity Venture Global Partners (NYSE:GLP ) II, LLC, the company said in its filing. Sabel is also the company's CEO.

It said Goldman Sachs & Co (NYSE:GS )., J.P. Morgan, BofA Securities, ING, RBC Capital Markets, Scotiabank (TSX:BNS ) and Mizuho (NYSE:MFG ) are among the underwriters for the IPO, according to the filing.

Founded 11 years ago, Venture Global has already rocketed into the top ranks of U.S. natural gas exporters, competing against larger rivals Cheniere Energy (NYSE:LNG ), Freeport LNG and Sempra.



Venture Global has two operating plants in Louisiana, with its second facility at Plaquemines achieving its first LNG production just last week.

The company reported revenues of $3.45 billion for the nine months ended Sep 30, compared with $6.27 billion, a year earlier.

Source: Investing.com