Exclusive-Venture Global LNG is set to lower the price range on the blockbuster IPO, the source said

By Echo Wang

(Reuters) – Venture Global LNG is preparing to lower the price offered in its blockbuster initial public offering and increase the number of shares it will sell to investors, a source with direct knowledge of the matter said on Tuesday.

Under the revised IPO plan, Venture Global would still have raised the same amount from investors, but the lower price meant the company would have to sell more shares to do so.

The company is considering a new price range of between $32 and $38, compared to its initial guidance of $40 and $46 per share. flotation, compared to the original 50 million shares.

The source cautioned that the decision to revise the IPO plan is not guaranteed. The source spoke on condition of anonymity to discuss confidential discussions.

Venture Global did not immediately respond to a request for comment.

The Arlington, Virginia-based company said it will seek to raise up to $2.30 billion from the listing when it launches its IPO on Jan. 13.

At the top of the new target price range, along with the updated share price, Venture Global will now earn as much as $2.36 billion, according to Reuters calculations.

(Reporting by Echo Wang in Davos; Additional reporting by Curtis Williams in Houston; Writing by David French in New York; Editing by Sandra Mahler and Muralikumar Anantharaman)