LandBridge Company LLC Successfully Completes IPO, Raises Approximately $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 IPO saw the sale of 14,500,000 Class A shares, representing limited liability company interests, 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 (NYSE) under the ticker symbol “LB” on June 28, 2024. Alongside the IPO, LandBridge also conducted a concurrent private placement, selling 750,000 Class A shares to an accredited investor at the same price per share. The net proceeds from the offering and concurrent private placement amounted to approximately $270.9 million after deducting underwriting discounts, commissions, placement agent fees, and offering expenses.

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

LandBridge owns approximately 220,000 surface acres across Texas and New Mexico, strategically located in the heart of the Delaware sub-basin in the Permian Basin. This region is renowned 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 and encourage oil and natural gas production, as well as broader industrial development.

LandBridge was formed in 2021 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 registration statement for the Class A shares offered in the IPO was declared effective by the U.S. Securities and Exchange Commission on June 27, 2024. The offering was made in compliance with the Securities Act of 1933, as amended, and copies of the prospectus can be obtained from Goldman Sachs & Co. LLC and Barclays Capital Inc.

More Posts

Bank First Corporation (NASDAQ: BFC) has announced its financial results for the second quarter of …

Universal Technical Institute, the transportation, skilled trades, and energy education division of Universal Technical Institute, …

EQT Corporation, a leading independent natural gas production company, has declared a quarterly cash dividend …