Shares of Excelerate, which operates floating offshore storage and re-gasification terminals, closed Wednesday at $26.85, giving the company a market value of about $2.8 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission.
Excelerate sold 16 million shares at the top of a marketed range of $21 to $24 in its IPO Tuesday.
The listing comes at pivotal moment for LNG, with Germany and other European nations looking for alternatives to Russian natural gas supplies. Excelerate, based in The Woodlands, Texas, operates in the U.S., Brazil, Argentina, Israel, United Arab Emirates, Pakistan and Bangladesh. Excelerate will supply floating power plants to Albania, hoping that the deal will help it gain access to Europe’s natural gas market.
The offering is the second-largest in the U.S. this year, topped only by private equity firm TPG Inc.’s $1.1 billion IPO on Jan. 12, according to data compiled by Bloomberg, excluding blank-check companies and closed-end funds. With at least 125 companies sitting on IPO registrations filed in the past six months and dozens more waiting on the sidelines as last year’s record run gave way to volatility, inflation and war, Excelerate’s listing could prompt others to follow.
George Kaiser, who founded the company in 2003, will continue to control most of its shares after the listing, according to its filings.
Excelerate had net income of $41 million on revenue of $889 million in 2021, compared with $33 million on revenue of $431 million the previous year, the filings show.
The offering was led by Barclays Plc, JPMorgan Chase & Co. and Morgan Stanley. The shares are trading on the the New York Stock Exchange under the symbol EE.