The fallout for Venture Global Inc., in the wake of a troubled initial public offering, accelerated amid a market selloff that sapped $12 billion from its valuation on debut.

The transaction values the LNG company at $60 billion, instantly making it one of the largest U.S. energy businesses.

Shares of liquefied natural gas exporter Venture Global finished Friday's first day of trading below their initial public offering price of $25 per share.

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.

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