Golar LNG Ltd (GLNG) Soaring On Subsidiary’s IPO Plan

Golar LNG Ltd (GLNG) started Tuesday trading up $0.17 or 1.64% higher from the closing price on Monday. With the weekly volatility of 7.00% the stock’s price is up 5.29% over the past week.

Golar LNG runs Hygo Energy Transition Ltd as party to a joint venture with Stonepeak Infrastructure Partners. On Monday Hygo Energy previously known as Golar Energy Ltd. announced to go public. Hygo Energy said that it has filed the proposal documents with the U.S. Securities and Exchange Commission. The form F-1 was submitted at SEC to register the company for the intended IPO. Hygo Energy intends to be listed on NASDAQ under ticker HYGO. Hygo still has to decide number of shares to be offered in IPO.

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GLNG formed Hygo for development and provision of integrated LNG-based transportation and downstream solution for underserved markets. Setting up of LNG terminals and networks to generate power were another aims. Hygo was involved in provision of its integrated LNG solutions to targeted markets. The energy company was delivering markets with cheap and environment friendly alternatives around the world.

Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are lead arrangers for the proposed IPO. Citigroup, UBS Securities LLC, BITG, LLC and Barclays Capital Inc were the part of book building.

Data for past three months shows that Renaissance IPO ETF is up 29.7% while S&P 500 is 15.1% on higher side. In this scenario, Hygo is waiting for the right time and favorable conditions to offer IPO.

GLNG was up 1.84% at the time of publication.

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