Excelerate Energy to start trading on NYSE

US floating LNG player Excelerate Energy said its shares would begin trading on the New York Stock Exchange from Wednesday under the ticker symbol “EE”.

The firm controlled by billionaire George Kaiser said in a statement on Tuesday it has priced its initial public offering of 16 million shares of its Class A common stock at a price of $24 per share.

Excelerate said last week it was looking to raise up to $384 million via its IPO revealed earlier this year. The firm said then it would price the offering between $21 and $24 per share.

Besides the $384 million move, Excelerate also granted 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.

The offering is expected to close on April 18, 2022, subject to customary closing conditions, it said on Tuesday.

Excelerate expects to receive net proceeds of about $361.9 million, after deducting underwriting discounts and commissions. This excludes any exercise of the underwriters’ option to purchase additional shares.

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

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.

Most Popular

Williams launches Transco pipeline expansions

US natural gas pipeline operator Williams has launched two fully contracted expansions of the existing Transco pipeline to meet growing domestic demand and LNG exports.

DOE gives further boost to US LNG exports

The US Department of Energy (DOE) has removed a regulatory barrier that required liquefied natural gas (LNG) projects to start export within seven years of receiving regulatory approval.

Update: Shell’s LNG Canada receives LNG cargo

Shell’s LNG Canada has received a cargo of liquefied natural gas as part of the commissioning and start-up phase.

More News Like This

Excelerate in $184.3 million stock offering

US FSRU player Excelerate Energy aims to raise about $184.3 million via an underwritten registered public share offering.

Excelerate buys NFE’s Jamaica business for $1.05 billion

US FSRU player Excelerate Energy has entered into a definitive agreement with compatriot LNG player New Fortress Energy to acquire NFE’s business in Jamaica for $1.055 billion in cash.

Argentina’s Enarsa gets offers for LNG cargo tender

Argentina's state-owned LNG importer Energia Argentina (Enarsa) has received seven offers for its first LNG cargo tender in 2025.

Excelerate, PetroVietnam Gas to collaborate on US LNG supplies

According to a statement by Excelerate on Friday, the two firms have signed a memorandum of understanding to collaborate...