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- LandBridge (LB), an owner of oil and gas land in the Permian Basin, said Thursday it has priced its initial public offering of 14,500,000 Class A shares representing limited liability interests at $17.00 per share. market.
- LandBridge (LB), backed by Five Point Energy, has granted the underwriters a 30-day option to purchase up to an additional 2,175,000 Class A shares at the public offering price, less underwriting discounts and commissions.
- The Class A shares are expected to begin trading on the New York Stock Exchange on June 28, 2024, under the ticker symbol “LB”.
- The offering is expected to close on July 1.
- In addition to the Class A shares sold in the offering, LandBridge (LB) has agreed to sell 750,000 Class A shares in a concurrent private placement to accredited investors at $17.00 per Class A share.
- LandBridge (LB) expects to receive net proceeds of approximately $236.1 million from the offering and concurrent private placement, or $270.9 million if the underwriters exercise their option to purchase additional Class A shares in full.
- Source: press release
