Excelerate Energy (EE), founded by oil and gas tycoon George Kaiser, has set the terms for an IPO that could value the Texas-based liquefied natural gas company at ~$2.54B.
The company said on Monday that it plans to offer 16M shares at an expected price of $21-$24/share; with 105.9M shares outstanding after the IPO, including 24.4M Class A shares and 81.5M Class B shares, the expected pricing would value the company at as much as $2.54B.
Kaiser will indirectly hold the majority of voting power in Excelerate after the offering, through the ownership of majority shareholder EE Holdings' Class B common stock.
For FY 2021, Excelerate generated net income of $41.2M on revenues of $888.6M, with 47% coming from the sale of LNG and natural gas, after $33.8M in net income and $430.8M in revenues in 2020.