Venture Global LNG has raised $1.75 billion after pricing its U.S. initial public offering, the second-largest exporter of liquefied natural gas in the United States said on Thursday.

Venture Global slashes IPO valuation by 40%, facing investor concerns over long-term profit outlook for LNG production.

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

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. The revision by the second-largest exporter of liquefied natural gas in the United States follows days of marketing to potential investors,