By Manya Saini and Niket Nishant
(Reuters) -Venture Global’s shares opened nearly 4% below the offer price in their debut on the New York Stock Exchange on Friday, giving the LNG exporter a valuation of $58.2 billion.
The company’s shares opened at $24.05, compared with the initial public offering price of $25.
The company sharply lowered its IPO valuation from an initial target of $110 billion after investors and analysts termed it ‘lofty’ on doubts over its estimated long-term profit from liquefying gas for export and ongoing legal battles.
It is, however, still set to be one of the largest energy companies listed in the United States.
It sold 70 million shares to raise $1.75 billion on Thursday, selling the stock at $25 compared to its offer price of $23 to $27. This was a far cry from its initial plan to raise as much as $2.3 billion by selling at $40 to $46.
The market debut will serve as the first big test for energy…
