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.

Venture Global's shares opened nearly 4% below their initial public offering price in a subdued NYSE debut on Friday, giving the LNG exporter a valuation of $58.2 billion and reinforcing the cautious approach of investors to new listings.