EagleRock Land shares soar to $3 billion in value as they debut on the NYSE
EagleRock Land shares rose 24.3% on their New York Stock Exchange debut, valued at $2.99 billion.
Stocks of the Houston-based company opened at $23 each, as opposed to the $18.50 offered price. The company sold 17.3 millions shares to raise $320.1million.
The debut is a result of the 'Middle East Conflict, which has caused one of the greatest global energy shocks ever. It has driven up crude prices while increasing interest in U.S. assets. This has led to more oil and gas companies seeking market listings.
Three IPOs raised more than $1 billion this week. EagleRock and Blackstone Digital Infrastructure Trust, a company that makes AI chips, will debut together with Cerebras Systems. Fervo Energy's shares surged in their debut on Wednesday.
According to its website, EagleRock controls and owns land in the Delaware and Midland portions in the Permian - the heart of the U.S. Shale Industry in Texas and New Mexico - as well as the infrastructure to handle the water used in the hydraulic fracturing process.
(source: Reuters)
