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.

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.

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.