LNG producer Venture Global files for IPO on NYSE

Venture Global, one of the largest producers of liquefied natural gas in the United States, filed on Friday 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 on the NYSE under the symbol “VG,” company filings show.

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 India’s $3.33 billion Mumbai IPO last month were the two biggest listings this year, LSEG data showed.

The Company plans to use a portion of the proceeds for general business purposes, including to fund its operations.

After the IPO, Venture’s founders and co-chairmen, Robert Pender and Michael Seibel, will retain more than 50% of the voting power through their entity Venture Global Partners II, LLC, the company said in its filing. Sabel is also the CEO of the company.

According to the filing, Goldman Sachs & Co, JP Morgan, BofA Securities, ING, RBC Capital Markets, Scotiabank and Mizuho are among the underwriters for the IPO.

Founded 11 years ago, Venture Global has already entered the top ranks of US natural gas exporters, competing against major rivals Cheniere Energy, Freeport LNG and Sempra.

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

The company reported revenue of $3.45 billion in the nine months ended September 30, compared with $6.27 billion a year earlier.