New Fortress Energy LLC, an integrated gas-to-power LNG company formed by Fortress Investment Group, launched an IPO on Jan. 14 with plans to raise $400 million.

In the proposed IPO, New Fortress plans to offer 22.2 million shares priced between $17 and $19 per share. The company also intends to grant a roughly 3.3 million greenshoe option as part of its offering.

At the midpoint of the proposed price range, New Fortress would command a fully diluted market value of $3 billion, according to a report by global IPO investment adviser Renaissance Capital.

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