Excelerate Energy to raise up to $384 million in IPO

Texas-based floating LNG player Excelerate Energy is looking to raise up to $384 million via its initial public offering.

The company said in a statement on Monday that it has launched the roadshow for its IPO revealed earlier this year.

Excelerate plans to sell 16 million shares of its Class A common stock in the offering, priced between $21 and $24 per share.

In addition, the firm controlled by billionaire George Kaiser also intends to grant the underwriters a 30-day option to purchase up to an additional 2.4 million shares of Class A common stock at the IPO price, less underwriting discounts, and commissions.

With a total of about 105.9 million shares outstanding after the IPO, the pricing would value the company at about $2.54 billion.

Excelerate intends to list its common stock on the New York Stock Exchange (NYSE), under the ticker symbol “EE”.

The company operates ten floating storage and regasification units (FSRUs), one of the world’s largest fleet of such vessels.

In December last year, it started natural gas deliveries to the Brazilian market via the Bahia LNG terminal in Salvador.

With this, Excelerate became the first private sector company to sell regasified LNG to customers in Brazil.

Besides Brazil and the US, the firm operates in Argentina, Israel, Pakistan, Bangladesh, and the UAE.

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