Venture Global slides in Wall Street debut after pitching lofty valuation

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Financial Times 6d ago

Venture Global slides in Wall Street debut after pitching lofty valuation - Financial Times

Quick Summary:

People close to the deal said the size and timing of the cut underscored investors’ nervousness about elevated valuations in the US stock market, even as Wall Street bankers were gearing up for a flurry of flotations.

Sabel and co-founder Robert Pender, who control 84 per cent of the company’s shares, pioneered modular construction of LNG facilities, which enables much of the prefabrication work on the giant facilities to be completed off-site to reduce costs and project delivery times.

But when Russia’s full-scale invasion of Ukraine in 2022 caused LNG prices to rocket, the company made a controversial decision to sell large amounts of product on spot markets, rather than honour long-term contracts.