Permian’s LandBridge Shares Rise 13% After $246.5 Million IPO

LandBridge Co. shares climbed 13% after the owner of land used in oil and gas production in the Permian Basin priced its initial public offering below a marketed range.

The Five Point Energy-backed company’s shares rose to $19.22 each as of 12:49 p.m. on Friday in New York. LandBridge sold 14.5 million shares Thursday for $17 each after marketing them for $19 to $22.

The trading gives LandBridge a market value of about $1.4 billion. The company owns about 220,000 surface acres in and around the Delaware sub-basin in the Permian Basin, the biggest US oil patch, the filings show. It has ...