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.

Phoenix Asia Holdings faces significant risks, including regulatory risks, customer concentration and uncertainties in the Hong Kong construction industry. Learn more on PHOE stock here.

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 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.

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.