UPDATE 1-LandBridge shares jump 12% in NYSE debut
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June 28 (Reuters) - Shares of LandBridge LB.N, a landowner in the oil-rich Permian Basin, rose 11.8% above their initial public offering price in their New York Stock Exchange debut on Friday.
The shares opened at $19 each, giving the Houston, Texas-based company a valuation of $1.37 billion.
The company raised $246.5 million by selling 14.5 million shares at $17 apiece, which was below its marketed range of $19 to $22.
LandBridge, founded in 2021 by private equity firm Five Point Energy, also sold 750,000 shares in a concurrent private placement at the IPO price to raise nearly $12.8 million.
The offering was underwritten by a syndicate of more than 10 Wall Street banks led by Goldman Sachs and Barclays Capital.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Vijay Kishore and Alan Barona)
((ArasuKannagi.Basil@thomsonreuters.com;))