Venture Global launched its initial public offering with a lofty goal: Raise up to $2.3 billion at a $110 billion valuation in the biggest stock-market debut since summer. The market had different plans.

Venture Global's IPO represents a test for investor appetite for fossil fuel projects in the Trump administration.

The energy company raised $1.75 billion by pricing 70 million shares at $25, the middle of its reduced $23 to $27 price range.