WASHINGTON (dpa-AFX) - LandBridge Company LLC said it priced its initial public offering of 14.50 million Class A shares at a price to the public of $17.00 per Class A share.
In addition, LandBridge granted the underwriters a 30-day option to purchase up to an additional 2.175 million 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 or 'NYSE' under the ticker symbol 'LB' on June 28, 2024.
The offering is expected to close on July 1, 2024, subject to the satisfaction of customary closing conditions.
In addition to the Class A shares sold in the offering, LandBridge 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 expects to receive net proceeds from the offering and the concurrent private placement of about $236.1 million, or $270.9 million if the underwriters exercise their option to purchase additional Class A shares in full, after deducting underwriting discounts and commissions, placement agent fees and estimated expenses payable by LandBridge.
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