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.

Venture Global is now seeking a more reasonable valuation of about $65 billion, versus earlier plans for about $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 LNG is preparing to cut the proposed price range for its blockbuster initial public offering and increase the number of shares it may sell to investors, a source with direct knowledge of the matter said on Tuesday.

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

By bne IntelliNews LNG producer Venture Global has scaled back the valuation it is seeking in its initial public offering (IPO) by about 41% after investors were hesitant in response to the company’s previous plans for the listing.

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.

The Arlington, Virginia-based company is seeking to raise up to $2.30 billion by offering 50 million shares priced between $40 and $46 each. Reuters exclusively reported on Saturday that Venture Global was set to formally pitch the highly anticipated IPO to investors this week.