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- LandBridge (LB), an owner of oil and gas land in the Permian Basin, has priced its initial public offering of 14,500,000 Class A shares representing limited liability company interests at a price to the public of $17.00 a piece, it said Thursday after market.
- LandBridge (LB), backed by Five Point Energy, 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 under the ticker symbol “LB” on June 28, 2024.
- The offering is expected to close on July 1.
- In addition to the Class A shares sold in the offering, LandBridge (LB) agreed to sell 750,000 Class A shares at a price of $17.00 per Class A share in a concurrent private placement to an accredited investor.
- LandBridge (LB) expects to receive net proceeds from the offering and the concurrent private placement of approximately $236.1 million, or $270.9 million if the underwriters exercise their option to purchase additional Class A shares in full.
- Source: Press Release