Venture Global Files for Major IPO

(Reuters) – Venture Global, one of the largest liquefied natural gas producers in the U.S., filed on Friday for what could be a major initial public offering (IPO) next year.

The LNG producer plans to list its Class A common shares under the symbol "VG" on the NYSE, according to the company's filing.

In November, Reuters reported that the Arlington, Virginia-based company aims to raise approximately $3 billion from its New York IPO.

Highlights of Recent Major IPOs:
– Cold storage giant Lineage's $4.44 billion IPO in New York (July)
– Hyundai Motor India's $3.33 billion IPO in Mumbai (last month)

Venture Global plans to allocate part of the proceeds for general business use, including operational funding.

After the IPO, the company's founders and co-chairs, Robert Pender and Michael Sabel, will retain over 50% of voting power through Venture Global Partners (NYSE:GLP) II, LLC. Sabel also serves as the CEO.

The filing listed underwriters including Goldman Sachs & Co (NYSE:GS), J.P. Morgan, BofA Securities, ING, RBC Capital Markets, Scotiabank (TSX:BNS), and Mizuho (NYSE:MFG).

Founded 11 years ago, Venture Global has rapidly become a prominent player among U.S. natural gas exporters, competing with larger firms such as Cheniere Energy (NYSE:LNG), Freeport LNG, and Sempra.

The company operates two plants in Louisiana, with its second facility at Plaquemines recording its first LNG production just last week.

Venture Global posted revenues of $3.45 billion for the nine months ending September 30, down from $6.27 billion a year prior.