Excelerate Energy Raises $384 Million in First Major IPO Since Russia-Ukraine War

Excelerate Energy sold 16 million shares on April 12 at $24 each, the company said. It had previously indicated it would price its shares at $21 to $24. The IPO values Excelerate at $2.54 billion.

Echo Wang, Reuters

Excelerate Energy Inc., a provider of floating LNG (FLNG) terminals owned by energy tycoon George Kaiser, raised $384 million on April 12 in the first major U.S. IPO since Russia’s invasion of Ukraine in February.

The war in Ukraine, which Russia calls a special military operation, sent shockwaves through financial markets, prompting most companies to postpone their IPO plans. Volatility subsided during March but remains elevated.

Investment bankers say IPOs are hard to price when the Cboe Volatility Index, known as Wall Street's “fear gauge”, stands above 20. It is currently hovering just below 25, but Excelerate’s offering benefited from the war boosting energy prices and driving up demand for LNG.

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