Permian’s LandBridge Prices IPO Below Target for $246.5 Million

LandBridge Co., the owner of land used in oil and gas production in the Permian Basin, raised $246.5 million in an initial public offering, pricing its shares below a marketed range.

The Five Point Energy-backed company sold 14.5 million shares Thursday for $17 each after marketing them for $19 to $22, according to a statement.

At the IPO price, LandBridge has a market value of about $1.2 billion based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.

The company owns about 220,000 surface acres in and around the Delaware sub-basin ...