Excelerate Energy Inc, founded by oil and gas tycoon George Kaiser, plans to raise up to $384 million through a U.S. initial public offering that could value the Texas-based liquefied natural gas (LNG) company at about $2.54 billion.

The company intends to sell 16 million shares of its Class A common stock in the offering, priced between $21 and $24 apiece.

Excelerate generated a net income of $41.2 million on revenue of $888.6 million, around 47% of which came from the sale of LNG and natural gas, for the year ended Dec. 31.

About 40% of the company’s revenue was generated from North and South Americas last year, followed by Asia Pacific and Middle East and North Africa.

Kaiser will indirectly hold majority of the voting power in Excelerate after the offering, through the ownership of majority shareholder EE Holdings’ Class B common stock.

Excelerate, which operates in Brazil, Argentina, Israel, United Arab Emirates, Pakistan and Bangladesh, expects to list on the New York Stock Exchange under the ticker symbol “EE”.

Barclays, J.P. Morgan and Morgan Stanley are the lead underwriters of the offering.