By Manya Saini (Reuters) -LNG exporter Venture Global on Wednesday slashed the valuation it was seeking from its U.S. initial public offering to as much as $65.33 billion, significantly lower than the more than $100 billion it had initially aimed.

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

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.

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.

At that range, Venture Global would seek a valuation of anywhere between about $96 billion and $110.38 billion. That total comes from Venture Global’s calculation of outstanding shares after the IPO: roughly 430 million outstanding Class A shares and nearly 2 billion Class B shares.

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.