Venture Global LNG was forced to nearly halve the valuation it is seeking in its U.S. initial public offering (IPO) after investors balked at the company's estimated long-term profit for liquefying gas for export,

Venture Global is now seeking a more reasonable valuation of about $65 billion, versus earlier plans for about $110 billion.

The company plans to increase its share offering from 50 million to up to 62 million in its potential New York flotation.

By Manya Saini (Reuters) -LNG exporter Venture Global on Wednesday slashed the valuation it was seeking from its U.S. initial public offering to as much as $65.33 billion, significantly lower than the more than $100 billion it had initially aimed.

LNG exporter Venture Global nearly halved the price per share, while increasing the number of shares it expects to offer.

Venture Global Inc. slashed the marketed range for its initial public offering, lowering the market value it could fetch.Most Read from BloombergTexas HOA Charged With Discrimination for Banning Secti

The IPO documents show Venture Global has raised about $54bn to build its terminals and pay operating expenses since it was founded 11 years ago. It has earned nearly $20bn in gross proceeds over that time, while long-term contracts are expected to generate revenues of $107bn in coming years.

PIMCO Dynamic Income Strategy Fund moved away from its Energy focus in 2024 but still holds about 50% in the sector, including pre-IPO shares of LNG