BUZZ-LandBridge falls on $177.5 mln secondary offering by PE sponsor
LandBridgeshares fell 6.1% premarket to $70 after a $177.5 million secondary offering by Landbridge Holdings LLC, controlled by Five Point Energy, priced at $71, a 4.7% discount to the last close. Post-sale, Five Point holds ~48.6 million Class B shares out of LB's ~77.1 million total shares. Goldman Sachs is the sole bookrunner. LB shares had risen 40% in the past month, up 15% YTD. 5 of 9 analysts rate the stock as "buy" with a median PT of $74.
(Updates with pricing details)
Shares of LandBridge (LB.N) down 6.1% premarket at $70 after $177.5 mln secondary offering prices
Houston-based LB 2
.5 mln shares by Landbridge Holdings LLC, controlled by private equity firm Five Point Energy, at $71
Offering price represents 4.7% discount to stock’s last close With the sale, Five Point’s holdings go to ~48.6 mln (Class B shares) out of LB’s ~77.1 mln total shares outstanding, per the offering prospectus
Goldman Sachs sole bookrunner for offering
Through Fri, LB shares had risen 40% over the past month, putting them up 15% YTD
5 of 9 analysts rate stock “buy”, 4 rate “hold”; median PT is $74, per LSEG
LB went public in priced at $17 (Lance Tupper is a Reuters market analyst. The views expressed are his own)
