LandBridge Shares Rise on NYSE Debut-March 2024-www.financetom.com

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LandBridge Shares Rise on NYSE Debut

Jun 28, 2024 11:00 AM

01:32 PM EDT, 06/28/2024 (MT Newswires) -- LandBridge ( LB ) stock rose on its New York Stock Exchange debut Friday after the company priced its initial public offering of 14.5 million class A shares at $17 per share.

The stock was up more than 28% at $21.87 in recent trading after opening at $19.

The company has given the underwriters a 30-day option to buy up to about 2.2 million additional shares.

LandBridge ( LB ) has also agreed to sell 750,000 class A shares at $17 per share in a concurrent private placement.

The offering and private placement are expected to close Monday, the company said.

Net proceeds are estimated to be about $236.1 million, or $270.9 million if the underwriters fully exercise their overallotment option, according to the company.

Price: 21.84, Change: +4.84, Percent Change: +28.47

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