Venture Global's LNG IPO raised less than expected due to investor skepticism about its valuation and business practices.
LNG producer and exporter Venture Global went public this week, raising $1.75 billion for a total valuation of $60 billion. The company priced its share offering at $25 apiece, it said in a statement, which added the offering period will end on January 27. The price of the placement is a lot lower than Venture Global initially planned. The revision came as a result of a negative reaction from potential investors, according to media reports.
“I pushed back on them initially and then they tried to insist that I was the odd one out and that all other investors were OK with the much higher multiple. Gaslighting at its best,” one unnamed investor told the Financial Times. Another investor, Cole Smead of Smead Capital Management, said he had not invested in Venture Global even though the fund specializes in energy investments. Smead noted that capital markets were tough for energy companies at the moment.
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