LandBridge, a surface acreage acquirer in the Delaware Basin formed by Five Point Energy, raised $247 million by offering 14.5 million shares at $17, below the range of $19 to $22. A new investor had indicated on $80 million worth of shares in the offering (32% of the deal), and an undisclosed investor had tentatively intended to purchase an additional $20 million worth of shares in a concurrent private placement.
LandBridge was formed by Five Point Energy and its portfolio company WaterBridge to acquire, manage, and expand a strategic land position in the heart of the Delaware Basin to support the development of WaterBridge's large-scale produced water handling infrastructure and encourage broader industrial and commercial development. LandBridge owns approximately 220,000 surface acres in and around the Delaware Basin. The company generates multiple revenue streams, including from the use of its surface acreage, the sale of resources from its land, and oil and gas royalties.
LandBridge plans to list on the NYSE under the symbol LB. Goldman Sachs, Barclays, Wells Fargo Securities, Citi, Piper Sandler, and Raymond James acted as joint bookrunners on the deal.
