The transaction values the LNG company at $60 billion, instantly making it one of the largest U.S. energy businesses.

The energy company raised $1.75 billion by pricing 70 million shares at $25, the middle of its reduced $23 to $27 price range.

Venture Global launched its initial public offering with a lofty goal: Raise up to $2.3 billion at a $110 billion valuation in the biggest stock-market debut since summer. The market had different plans.

Shares of liquefied natural gas exporter Venture Global debuted Friday below their initial public offering price of $25 per share.

Venture Global Inc. shares slipped 3.8% in the natural gas exporter’s debut as a public company, after slashing its price target ahead of its IPO.Most Read from BloombergWhat Happened to Hanging Out on the Street?

Venture Global is the second-largest exporter of liquefied natural gas, or LNG, in the United States, and one of Trump's first moves after his inauguration was to sign an executive order to end a moratorium on new LNG export permits, which clears an obstacle to Venture Global's expansion plan.

Venture Global Inc. slashed the marketed range for its initial public offering, bringing the potential valuation well below its $110 billion target.

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 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,