Oil tycoon George Kaiser aims to reopen U.S. IPO market with Excelerate listing

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Texas-based LNG company is aiming to raise US$384-million

Excelerate Energy Inc, which provides floating terminals to allow the importing of liquefied natural gas , on Monday announced plans for an initial public offering which would be the first major U.S. listing since the invasion of Ukraine.

Energy stocks have surged in 2022 as commodity prices hit multi-year highs: the S&P energy index is up 38% this year versus a 4% decline in the S&P 500. Kaiser will indirectly hold a majority of the voting power in Excelerate after the offering, through the ownership of majority shareholder EE Holdings’ Class B common stock.U.S. investors have targeted names with LNG exposure since the invasion, betting these companies will benefit from Western sanctions on Russia, which supplies Europe with between 30% to 40% of its gas.

 

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