Excelerate Energy, which operates LNG storage and regasification infrastructure in emerging markets, announced terms for its IPO on Monday.
The The Woodlands, TX-based company plans to raise $360 million by offering 16 million shares at a price range of $21 to $24. At the midpoint of the proposed range, Excelerate Energy would command a fully diluted market value of $2.4 billion. The company plans to issue a quarterly dividend.
Excelerate Energy is expected to be the first $100+ million US IPO in over two months.
Excelerate is focused on providing flexible liquefied natural gas (LNG) solutions to emerging markets in diverse environments across the globe. The company has regional offices in eight countries and operations in the US, Brazil, Argentina, Israel, United Arab Emirates, Pakistan and Bangladesh. It is the largest provider of regasified LNG in Argentina and Bangladesh and one of the largest providers of regasified LNG in Brazil and Pakistan, and it operates the largest floating storage and regasification unit in Brazil.
Excelerate Energy was founded in 2003 and booked $889 million in revenue for the 12 months ended December 31, 2021. It plans to list on the NYSE under the symbol EE. Barclays, J.P. Morgan, Morgan Stanley, and Wells Fargo are the joint bookrunners on the deal. It is expected to price during the week of April 11, 2022.
