Stock Alert: Golar LNG Up 7% After Joint Venture Launches IPO

(RTTNews) - Shares of Golar LNG Ltd. (GLNG) are rising more than 7 percent or $0.88 in Thursday's morning trade at $13.13.

Thursday, Golar LNG said that Hygo Energy Transition Ltd., the company's joint venture with Stonepeak Infrastructure Partners, launched an initial public offering of 23.1 million common shares at an anticipated price between $18.00 and $21.00 per share.

Hygo intends to grant the underwriters a 30-day option to purchase up to an additional 3.465 million common shares. Hygo has applied to list the common shares on the Nasdaq Global Select Marketplace under the ticker symbol "HYGO." Upon conclusion of the offering, Golar expects to own 50 million common shares in Hygo.

Golar LNG has traded in a range of $4.54 to $15.86 in the past 52 weeks.