Venture Global LNG on Wednesday slashed the valuation it sought from a U.S. initial public offering to $65.33 billion, significantly lower than the initial target of $110 billion.

Liquefied natural gas producer Venture Global slashed the proposed range for its IPO on Wednesday, lowering the valuation it sought to ~$65B from the initial target of $110B at the top of the previous range.

Venture Global is now seeking a more reasonable valuation of about $65 billion, versus earlier plans for about $110 billion.

The company plans to increase its share offering from 50 million to up to 62 million in its potential New York flotation.

Venture Global LNG was forced to nearly halve the valuation it is seeking in its U.S. initial public offering (IPO) after investors balked at the company's estimated long-term profit for liquefying gas for export,

LNG exporter Venture Global nearly halved the price per share, while increasing the number of shares it expects to offer.

The IPO documents show Venture Global has raised about $54bn to build its terminals and pay operating expenses since it was founded 11 years ago. It has earned nearly $20bn in gross proceeds over that time, while long-term contracts are expected to generate revenues of $107bn in coming years.

Venture Global Inc. slashed the marketed range for its initial public offering, lowering the market value it could fetch.