Landbridge Closes IPO, Private Placement, and Underwriters’ Option

LandBridge Company LLC (“LandBridge”) has completed its initial public offering of 14,500,000 Class A shares at a price of $17.00 per share. Additionally, the underwriters fully exercised their option to purchase an additional 2,175,000 Class A shares at the same price, less underwriting discounts and commissions. Trading of the Class A shares commenced on the New York Stock Exchange (“NYSE”) under the symbol “LB” on June 28, 2024.

In conjunction with the offering, LandBridge conducted a concurrent private placement, selling 750,000 Class A shares to an accredited investor at $17.00 per share. These shares are exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) and Regulation D.

Proceeds from the offering and private placement totaled approximately $270.9 million for LandBridge, net of underwriting discounts, commissions, placement agent fees, and offering expenses.

Goldman Sachs & Co. LLC and Barclays served as lead book-running managers, with Wells Fargo Securities, Citigroup, Piper Sandler, and Raymond James acting as additional book-running managers. Janney Montgomery Scott, Johnson Rice & Company, Pickering Energy Partners, Texas Capital Securities, and Roberts & Ryan acted as co-managers for the offering. Goldman Sachs & Co. LLC also acted as the placement agent for the concurrent private placement.

The offering was made under a registration statement declared effective by the U.S. Securities and Exchange Commission on June 27, 2024 (the “Registration Statement”), and was conducted using a prospectus meeting the requirements of the Securities Act of 1933, as amended.

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