Venture Global Inc. shares slipped 4% in the natural gas exporter’s debut as a public company, after slashing its price target ahead of its IPO.

Shares of Venture Global closed at $24 each on Friday, below the initial public offering price of $25 apiece. The trading gives the Arlington, Virginia-based company a market value of $58.1 billion, based on the outstanding shares, well below the $110 billion figure it had sought before it scaled back the offering on Wednesday.

Including employee stock options, the company’s diluted valuation would be more than $64 billion.

Venture Global sold 70 million shares on Thursday for $25 each, in the middle of a reduced range, to raise $1.75 billion. The US’s biggest energy-sector first-time share sale since 2021 has reversed a drought that saw just six energy IPOs in the US raising $667 million last year — the lowest volume in more than two decades.

Source: FINANCE.YAHOO