LandBridge, a Permian oil player with 220,000 acres in the Delaware Basin, raised $246.5 million from the sale of 14.5 million shares when it went public this week.
LandBridge, owner of 220,000 acres in the Delaware Basin , went public this week, raising $246.5 million from the sale of 14.5 million shares. The company, according to a Bloomberg report, priced the shares below the initial range of between $19 and $22 apiece. The final price, at which the stock was sold was $17 apiece. The company’s market value on the day of the IPO was $1.2 billion. LandBridge is backed by private equity investor Five Point Energy.
Over the 12 months to March 2024, the company generated revenues of $102 million from its non-traditional business model, which it says makes it more resilient to oil price swings and demand trends. Revenue from the crypto mining operations jumped 56% in the period, to account for about half of the total revenue. Texas is the crypto mining capital of the U.S. thanks to favorable regulation and abundant energy, including from sources such as wind and solar.
Crude Oil Delaware Basin Stock IPO Landbridge
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