Excelerate Energy wins with response to IPO: press
Excelerate Energy, which develops floating LNG import terminals and other infrastructure, won big with its initial public offering (IPO) April 13, as the newly-listed shares jumped 17.5% to reach a peak market valuation of nearly $3bn, Reuters reported.
The offering will close April 18 and is expected to generate net proceeds to Excelerate of about $362mn, the company said.
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The IPO was launched at $24/share on an initial issue of 16mn shares, with underwriters granted a 30-day option to buy an additional 2.4mn shares at the IPO offering price. The shares hit a high of $28.25 before settling back to $27.13 in early afternoon trading, Reuters said.
The Excelerate IPO is the first in the US LNG space since 2019, and came as Europe scrambles to find natural gas from locations not named Russia. Germany, for example, is accelerating efforts to develop two LNG import terminals, and others are sure to look to Excelerate to provide options, the company said in a regulatory filing ahead of the IPO.
“The war in Ukraine has focused everyone’s attention on the absolute need for energy security,” CEO Steven Kobos said in that filing. “That focus is clearly felt in Europe, but the lessons of that are extending to the rest of the world.”