LandBridge Company LLC (“LandBridge”) has priced its initial public offering of 14,500,000 Class A shares representing limited liability company interests (“Class A shares”) at $17.00 per share. Additionally, LandBridge 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 (“NYSE”) under the ticker symbol “LB” on June 28, 2024, with the offering expected to close on July 1, 2024, subject to customary closing conditions.
Alongside the public offering, LandBridge has agreed to sell 750,000 Class A shares at $17.00 per share in a concurrent private placement to an accredited investor. This sale will be exempt from the registration requirements of the Securities Act of 1933, as amended, under Section 4(a)(2) and Regulation D.
LandBridge expects to receive net proceeds of approximately $236.1 million from the offering and concurrent private placement, or $270.9 million if the underwriters fully exercise their option to purchase additional shares, after deducting underwriting discounts, commissions, placement agent fees, and estimated expenses.
Goldman Sachs & Co. LLC and Barclays are serving as lead book-running managers for the offering. Additional book-running managers include Wells Fargo Securities, Citigroup, Piper Sandler, and Raymond James. Co-managers for the offering are Janney Montgomery Scott, Johnson Rice & Company, Pickering Energy Partners, Texas Capital Securities, and Roberts & Ryan. Goldman Sachs & Co. LLC is also acting as the placement agent for the concurrent private placement.
A registration statement related to the Class A shares offered in the initial public offering has been filed and declared effective by the U.S. Securities and Exchange Commission on June 27, 2024. The offering of these securities is being made only by means of a prospectus that meets the requirements of Section 10 of the Securities Act of 1933, as amended. Copies of the prospectus related to these securities can be obtained from the following sources:
