US energy group Venture Global has been valued at just above $60bn in its initial public offering, marking a climbdown from a much loftier target of more than $100bn.
The company priced its IPO at $25 a share, raising $1.75bn, according to a statement. It had said earlier this month that it was seeking to achieve a valuation of up to $110bn — more than oil major BP — before scaling back its offering this week.
People close to the deal said the size and timing of the cut underscored investors’ nervousness about elevated valuations in the US stock market even as Wall Street bankers were gearing up for a flurry of flotations.
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