Excelerate Energy Soars in First Big US Market Debut Since Ukraine Invasion

Excelerate’s offering is the first LNG-related IPO in the U.S. since 2019, indicating a reversal in fortunes for fossil fuel companies as crude oil and natural gas prices bounced back from pandemic lows.

Mehnaz Yasmin and Echo Wang, Reuters

Excelerate Energy Inc. jumped 17.5% in its market debut on April 13, riding on investor demand for companies with exposure to LNG amid the Russia-Ukraine conflict and ending a lull in U.S. capital markets since the invasion.

The company, a provider of floating LNG (FLNG) terminals owned by energy tycoon George Kaiser, hit a peak valuation of nearly $3 billion in the session.

Shares were up 13% at $27.13 in afternoon trading after hitting a high of $28.25. The IPO was priced at $24 apiece, the top end of the range.

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