LandBridge shares jump 12% in NYSE debut (updated)

LandBridge LLC

28/06/2024 17:45

(Adds details throughout)
       June 28 (Reuters) - Shares of LandBridge  LB.N , a
landowner in the oil-rich Permian Basin, rose 11.8% above their
initial public offering price in their New York Stock Exchange
debut on Friday.
    The shares opened at $19 each, giving the Houston,
Texas-based company a valuation of $1.37 billion.
        The company raised $246.5 million by selling 14.5
million shares at $17 apiece, which was below its marketed range
of $19 to $22.
  
        LandBridge, founded in 2021 by private equity firm Five
Point Energy, also sold 750,000 shares in a concurrent private
placement at the IPO price to raise nearly $12.8 million.
  
        The offering was underwritten by a syndicate of more
than 10 Wall Street banks led by Goldman Sachs and Barclays
Capital.
  
    
 

 (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by
Vijay Kishore and Alan Barona)
 ((ArasuKannagi.Basil@thomsonreuters.com;))