The IPO is priced at the midpoint, reflecting balanced demand. With debt repaid and a capital-light model, the company is positioned to generate Free Cash Flow. Monitor Q1 2026 results for revenue trajectory and any guidance updates. The 180-day lock-up on existing owners' shares limits near-term selling pressure.
Executive Summary
EagleRock Land, LLC completed its IPO of 17,300,000 Class A shares at $18.50 per share, raising $320.1M in gross proceeds ($286.6M net). Net proceeds will be contributed to OpCo to repay $270M in debt and for general corporate purposes. The offering gives public investors a 13.3% economic stake and 19.2% voting power, while existing owners retain 72.8% voting control via Class B shares.
Key Financial Metrics
Key Facts
- IPO priced at $18.50 per share, the midpoint of the $17-$20 range
- 17,300,000 Class A shares sold, with a 30-day option for 2,595,000 additional shares
- Gross proceeds of $320,050,000; net proceeds of ~$286.6M after underwriting discounts and expenses
- Net proceeds to repay $270M Predecessor Credit Facility and for general corporate purposes
- Existing owners retain 72.8% voting power via Class B shares; public gets 19.2% voting power
- Pro forma 2025 revenue of $141.4M and Adjusted EBITDA of $118.6M; pro forma net income of $2.4M
- Preliminary Q1 2026 revenue guidance of $29.6M-$36.1M and Adjusted EBITDA of $25.7M-$31.5M
- Underwriters: Goldman Sachs, Barclays, J.P. Morgan, Piper Sandler, Raymond James, Pickering Energy Partners, Stephens Inc., Texas Capital Securities
Financial Impact
IPO raises $320.1M gross; $286.6M net after fees. Proceeds repay $270M in debt, leaving ~$16.6M for general corporate purposes. Pro forma 2025 revenue of $141.4M and Adjusted EBITDA of $118.6M.
Risk Factors
- Existing owners retain 72.8% voting control, limiting public shareholder influence
- Revenue tied to Permian Basin oil/gas activity, which is volatile with commodity prices
- Material weaknesses in internal controls over financial reporting identified
- Geographic concentration in Permian Basin exposes to regional regulatory and seismic risks
- Limited operating history as a combined entity makes evaluation difficult
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B4 Filing (Primary) | 0001193125-26-224302 |
| Document: 0001193125-26-224302-index-headers.html | 0001193125-26-224302 |
| Document: 0001193125-26-224302-index.html | 0001193125-26-224302 |
| Document: 0001193125-26-224302.txt | 0001193125-26-224302 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 7w ago | 8-K | $25.85 $26.21 | ▲ +1.39% | ▲ +2.45% | $21.47 (−16.94%) |
Jun 24, 2026 14w ago | 8-K | $20.46 $22.18 | ▲ +8.41% | ▲ +6.47% | $21.47 (+4.94%) |
May 19, 2026 19w ago | Insider Cluster | $23.04 $20.65 | ▼ −10.37% | ▼ −11.11% | $21.47 (−6.81%) |
May 19, 2026 19w ago | 3 | $23.29 $19.99 | ▼ −14.17% | ▼ −15.15% | $21.47 (−7.81%) |
May 14, 2026 20w ago | 424B4 | $21.55 $21.25 | ▼ −1.39% | ▼ −3.51% | $21.47 (−0.37%) |
May 13, 2026 20w ago | 3 | $21.84 $21.25 | ▼ −2.70% | ▼ −1.84% | $21.47 (−1.69%) |
May 13, 2026 20w ago | 3 | $21.84 $21.25 | ▼ −2.70% | ▼ −1.84% | $21.47 (−1.69%) |
May 13, 2026 20w ago | 3 | $21.84 $21.25 | ▼ −2.70% | ▼ −1.84% | $21.47 (−1.69%) |
May 13, 2026 20w ago | 3 | $21.84 $21.25 | ▼ −2.70% | ▼ −1.84% | $21.47 (−1.69%) |
May 11, 2026 20w ago | S-1/A | — | awaiting T+20 | — | — |
US Market Status
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