LandBridge Co LLC (LB Proposed), a Houston-based company that buys and manages oil- and natural gas-rich land in the Permian Basin, unveiled the terms for its $297.25 million IPO in an S-1/A filing early today – Monday, June 17, 2024. The IPO is expected to price late next week. (Please see the IPO Calendar on IPOScoop.com )
The profitable Texas company will offer 14.5 million shares at a price range of $19.00 to $22.00 to raise $297.25 million – if the IPO is priced at the $20.50 mid-point of its range. The market cap would be about $1.48 billion ($1,476.0 million) assuming mid-point pricing at $20.50 per share.
This is a New York Stock Exchange listing.
Goldman Sachs, Barclays and Wells Fargo Securities are the joint book-runners.
“Land is critical to energy development and production,” LandBridge says in the prospectus.
LandBridge owns about 220,000 surface acres in and around the Delaware sub-basin in the prolific Permian Basin, which is the most active region for oil and natural gas exploration and development in the United States, the prospectus says.
LandBridge is profitable, according to the prospectus: Net income of $61.55 million on revenue of $96.02 million for the 12 months that ended March 31, 2004. These figures include pro forma figures that account for the East Stateline acquisition and the credit agreement amendment, the prospectus says.
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