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Excelerate Energy raises $384m in US IPO

Floating regasification specialist Excelerate Energy has raised $384m after pricing its initial public offering at the top of a marketed range at $24m per share.

The Texas-headquartered firm controlled by American billionaire George Kaiser sold 16m shares initially marketing them between $21 and $24. The company also granted the underwriters a 30-day option to purchase up to 2.4m shares at the initial public offering price, less underwriting discounts and commissions.

The shares kicked off trading on the New York Stock Exchange on April 13, with the offering expected to close on April 18, 2022. Excelerate expects to receive net proceeds of around $361.9m.

The IPO valued the company at about $2.54bn based on the outstanding shares listed in its filings with the US Securities and Exchange Commission. Excelerate operates one of the largest fleets of floating storage and regasification units (FSRUs) with 10 vessels ranging between 138,000 cu m and 173,400 cu m. The company had a net income of $41m on revenue of $889m in 2021.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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