AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.00 Decreased By ▼ -0.53 (-0.41%)
BOP 6.76 Increased By ▲ 0.08 (1.2%)
CNERGY 4.50 Decreased By ▼ -0.13 (-2.81%)
DCL 8.70 Decreased By ▼ -0.24 (-2.68%)
DFML 41.00 Decreased By ▼ -0.69 (-1.66%)
DGKC 81.30 Decreased By ▼ -2.47 (-2.95%)
FCCL 32.68 Decreased By ▼ -0.09 (-0.27%)
FFBL 74.25 Decreased By ▼ -1.22 (-1.62%)
FFL 11.75 Increased By ▲ 0.28 (2.44%)
HUBC 110.03 Decreased By ▼ -0.52 (-0.47%)
HUMNL 13.80 Decreased By ▼ -0.76 (-5.22%)
KEL 5.29 Decreased By ▼ -0.10 (-1.86%)
KOSM 7.63 Decreased By ▼ -0.77 (-9.17%)
MLCF 38.35 Decreased By ▼ -1.44 (-3.62%)
NBP 63.70 Increased By ▲ 3.41 (5.66%)
OGDC 194.88 Decreased By ▼ -4.78 (-2.39%)
PAEL 25.75 Decreased By ▼ -0.90 (-3.38%)
PIBTL 7.37 Decreased By ▼ -0.29 (-3.79%)
PPL 155.74 Decreased By ▼ -2.18 (-1.38%)
PRL 25.70 Decreased By ▼ -1.03 (-3.85%)
PTC 17.56 Decreased By ▼ -0.90 (-4.88%)
SEARL 78.71 Decreased By ▼ -3.73 (-4.52%)
TELE 7.88 Decreased By ▼ -0.43 (-5.17%)
TOMCL 33.61 Decreased By ▼ -0.90 (-2.61%)
TPLP 8.41 Decreased By ▼ -0.65 (-7.17%)
TREET 16.26 Decreased By ▼ -1.21 (-6.93%)
TRG 58.60 Decreased By ▼ -2.72 (-4.44%)
UNITY 27.51 Increased By ▲ 0.08 (0.29%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,450 Increased By 43.4 (0.42%)
BR30 31,209 Decreased By -504.2 (-1.59%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

NEW YORK: Excelerate Energy Inc jumped 17.5% in its market debut on Wednesday, riding on investor demand for companies with exposure to liquefied natural gas (LNG) amid the Russia-Ukraine conflict and ending a lull in US capital markets since the invasion.

The company, a provider of floating LNG 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.

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

Demand is also set to skyrocket as European nations double down on efforts to lower their imports of Russian oil, coal and liquefied natural gas following the invasion of Ukraine.

Since the war, Excelerate has had more inquiries from countries traditionally dependent on Russian gas imports, the company said in a regulatory filing last week.

“The war in Ukraine has focused everyone’s attention on the absolute need for energy security,” said Chief Executive Officer Steven Kobos.

“That focus is clearly felt in Europe, but the lessons of that are extending to the rest of the world,” he added.

ROCKY MARKET

The listing tests a rocky US equity capital market, where jitters around the Ukraine crisis have forced a number of potential issuers to cancel or postpone their offerings.

Only 22 companies have gone public in the United States so far this year excluding SPAC IPOs, compared with 106 during the same time period last year, according to data provider Refinitiv.

Barclays, JP Morgan and Morgan Stanley are the lead underwriters of Excelerate’s offering.

Comments

Comments are closed.