Shares of liquefied natural gas (LNG) exporter Venture Global (VG) closed Friday's first day of trading below their 澳洲幸运5官方开奖结果体彩网:initial public offering (IPO) price of $25 per share.

Venture Global opened on the 澳洲幸运5官方开奖结果体彩网:New York Stock Exchange (NYSE) a🔥t $24.05 per share and closed at $23.꧅94, more than 4% below the IPO price.

The company generated $1.75 billion by pricing 70 million shares in the middle of its $23 to $27 range. Venture Global initially offered 50 million shares priced between $40 and $46, the midpoint of which would have allowed the firm to raise $2.15 billion.

Venture Global 9-Month Revenue,🦹𒉰 Profit Down in 2024

The company had raised roughly $54 billion in capital and had generated about $14.2 billion in 澳洲幸运5官方开奖结果体彩网:net proceeds as of Sept. 30, according to its 澳洲幸运5官方开奖结果体彩网:prospectus. Across the first nine months of the year, Venture Global p𝓰roduced profit of $604 million, or 23 cents per share, on revenue of $3.45 billion, well below the respective figures for 2023.

According to The Wall Street Journal, the company faces 澳洲幸运5官方开奖结果体彩网:arbitration challenges, as long-term customers have complained that Venture Global sold its LNG on the spot market following Russia's invasion of Ukraine to take advantage of higher prices.

UPDATE—This article has been updated with closing share price information.