LandBridge Company LLC Successfully Completes IPO, Raises $270.9 Million

LandBridge Company LLC, a leading land management business within the Delaware Basin, has successfully closed its initial public offering (IPO) of Class A shares. The company raised approximately $270.9 million in net proceeds from the offering and a concurrent private placement.

The IPO involved the sale of 14,500,000 Class A shares at a price of $17.00 per share. Additionally, the underwriters exercised their option to purchase an additional 2,175,000 Class A shares at the same price. The Class A shares began trading on the New York Stock Exchange under the ticker symbol “LB” on June 28, 2024.

LandBridge also sold 750,000 Class A shares at $17.00 per share in a concurrent private placement to an accredited investor. This sale was exempt from registration under the Securities Act of 1933. The company received strong investor interest, leading to the full exercise of the underwriters’ option and the successful private placement.

Goldman Sachs & Co. LLC and Barclays acted as lead book-running managers for the IPO, with Wells Fargo Securities, Citigroup, Piper Sandler, and Raymond James serving as additional book-running managers. Janney Montgomery Scott, Johnson Rice & Company, Pickering Energy Partners, Texas Capital Securities, and Roberts & Ryan acted as co-managers for the offering. Goldman Sachs & Co. LLC also acted as the placement agent for the concurrent private placement.

LandBridge owns approximately 220,000 surface acres across Texas and New Mexico, primarily in the heart of the Delaware sub-basin in the Permian Basin. This region is known as the most active area for oil and natural gas exploration and development in the United States. The company actively manages its land and resources to support oil and natural gas production and broader industrial development.

LandBridge was formed by Five Point Energy LLC, a leading energy private equity firm with a successful track record of investing in and developing energy, environmental water management, and sustainable infrastructure companies within the Permian Basin. The company has quickly established itself as a key player in land management within the Delaware Basin since its founding in 2021.

The successful IPO and concurrent private placement highlight the confidence investors have in LandBridge’s strategic position and growth potential. The net proceeds from the offering and private placement will provide the company with additional resources to further enhance its operations and pursue future opportunities.

Investors interested in learning more about LandBridge and its IPO can obtain a prospectus from Goldman Sachs & Co. LLC or Barclays Capital Inc. The prospectus contains detailed information about the offering and the company’s business.

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