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.