Excelerate Energy, the US LNG specialist and a market leader in floating storage and regasification units (FSRUs), saw its shares increase by 11.8 percent in its trading debut after raising $384 million in the biggest US initial public offering since January 2022.
Shares in Excelerate closed on April 13 at $26.85 per share, giving the company a market value of about $2.8 billion based on the outstanding shares listed.
Excelerate shares are now quoted on the New York Stock Exchange under the ticker symbol “EE”.
Excelerate sold 16 million shares at the top of a marketed range of $21 to $24 per share in its IPO.
The share sale came at a time when FLNG project interest is increasing worldwide as nations try to underpin their energy security with fast-track import projects.
The company has pioneered over a dozen import ventures worldwide and has also led the way in ship-to-ship LNG transfers.
Excelerate, based in The Woodlands in Houston in Texas, is part of a privately held US energy group founded by George Kaiser, owner of the Bank of Oklahoma. Kaiser will continue to control the majority of the shares.
Developer
Excelerate developed the Bahia Blanca GasPort, South America’s first LNG import terminal in 2008, and has also operated GNL Escobar, an LNG import terminal along the Paraná River of Argentina, since 2011.
The business spans the globe, with regional offices in eight countries and operations in the US, Brazil, Argentina, Israel, United Arab Emirates, Pakistan and Bangladesh.
The Excelerate prospectus for the IPO informed potential shareholders that it was the largest provider of regasified LNG in Argentina and Bangladesh and one of the largest providers of regasified LNG in Brazil and Pakistan, while also operating the biggest FSRU in Brazil.
The Excelerate company has additionally started FSRU-led import ventures in the US and the Middle East.
Excelerate had net income of $41 million and revenue of $889M in 2021 compared with $33M of profits and $431M in revenues in the previous year.
