IPO for LNG Provider Excelerate Energy Opens 18% Higher
2022.04.13 19:37
IPO for LNG Provider Excelerate Energy (EE) Opens 18% Higher
Today’s IPO for LNG player Excelerate Energy Inc (NYSE:EE) opened for trading at $28.20 after pricing 16 million shares at $24, the top end of the expected $21-$24 range.
The company gave underwriters the option to purchase an extra 2,400,000 shares.
Barclays, J.P. Morgan, and Morgan Stanley are the lead book-running managers. Wells Fargo Securities is as a book-running manager, and Raymond James, Stephens Inc., Tudor, Pickering, Holt & Co., SMBC Nikko, and BOK Financial Securities, Inc. as co-managers for the offering.
Excelerate Energy operates in a hot sector as structural global LNG demand is expected to rise an average of 2.3% per year from 2022 to 2025.
The company noted that for the year ended December 31, 2020, FSRU and terminal services revenues rose 9% to $468.0 million.
