Venture Global initially planned to offer 50 million of its Class A common stock priced between $40 and $46 each, seeking to raise up to $2.3 billion.
Based on the outstanding shares listed in the IPO, Venture Global targeted up to $110.4 billion valuation.
However, Venture Global is now aiming to sell 70 million of its Class A common stock priced between $23 and $27 each, according to an SEC filing on Wednesday.
This means that Venture Global now aims to raise up to $1.89 billion.
In addition, Venture Global now targets up to $65.3 billion valuation.
Venture Global applied to list its Class A common stock on the New York Stock Exchange under the symbol “VG.”
After the completion of this offering, VG Partners will continue to beneficially own common stock representing more than 50 percent of the total combined voting power of Venture Global’s outstanding common stock eligible to vote in the election of directors.
As a result, Venture Global will be a “controlled company” for the purposes of the NYSE listing requirements, it said.
Last month, Venture Global filed for the IPO. The company also revealed plans to boost its export capacity to 104.4 mtpa via five projects by 2034.
Venture Global’s founders, Robert Pender and Michael Sabel, control Venture Global Partners II, or VG Partners, which is the company’s controlling stockholder.
Prior to this offering, VG Partners owned about 84 percent of all series of Venture Global’s common stock outstanding.
