Billionaires
Venture Global IPO Mints Each Co-Founder a $24 Billion Fortune
- LNG export firm cashes in on biggest energy listing since 2021
- Mike Sabel and Bob Pender own 81% of the $58 billion company
This article is for subscribers only.
Twelve years ago, investment banker Mike Sabel and Big Law partner Bob Pender walked away from their careers and made a bold bet on the then-nascent LNG industry. Driving door-to-door across Texas in a rented Chevy, they pitched investors on a plan to build natural gas export plants faster, cheaper and better than anyone else.
Their startup, Venture Global Inc., debuted Friday in the biggest energy-sector initial public offering since 2021. While investors’ response was tepid, with shares closing down 4% from the $25 offering price, the Arlington, Virginia-based company ended the day’s trading with a market value of $58 billion, or more than $64 billion when employee stock options are factored in.