Monitor final IPO pricing and demand; the strong pro forma margins (83.8% Adjusted EBITDA) and debt paydown are positive, but the concentrated ownership and Permian Basin exposure add risk. Track first-day trading for float dynamics.
Executive Summary
EagleRock Land, LLC filed Amendment No. 1 to its S-1 registration statement, setting a 17.3M-share IPO at $17-$20 per share and targeting ~$288M net proceeds to repay debt and fund growth. Pro forma 2025 revenue of $141.4M and Adjusted EBITDA of $118.6M highlight a capital-light land management model in the Permian Basin.
Key Financial Metrics
Key Facts
- 17,300,000 Class A shares offered at an expected $17-$20 per share (midpoint $18.50).
- Net proceeds of ~$288.2M will repay ~$270M in Predecessor Credit Facility debt and fund general corporate purposes.
- Pro forma 2025 revenue: $141.4M; Adjusted EBITDA: $118.6M; net income: $2.4M.
- Business owns/controls ~236,000 acres in the Delaware and Midland sub-basins of the Permian Basin.
- Existing Owners will retain ~72.8% voting power post-IPO, making it a controlled company.
- Listing on NYSE and NYSE Texas under ticker EROK.
Financial Impact
$288.2M net proceeds from 17.3M share offering at $18.50 midpoint
Risk Factors
- Immediate dilution: new investors pay $18.50 for $3.00 net tangible book value per share.
- Existing Owners control >70% voting power post-IPO, limiting minority influence.
- Geographic concentration in the Permian Basin subject to commodity price and regulatory risks.
- Limited operating history as a combined entity; pro forma results may not be indicative.
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001193125-26-202539 |
| Document: d37594dex108.htm | 0001193125-26-202539 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 7w ago | 8-K | $25.85 $26.21 | โฒ +1.39% | โฒ +2.45% | $21.47 (โ16.94%) |
Jun 24, 2026 14w ago | 8-K | $20.46 $22.18 | โฒ +8.41% | โฒ +6.47% | $21.47 (+4.94%) |
May 19, 2026 19w ago | Insider Cluster | $23.04 $20.65 | โผ โ10.37% | โผ โ11.11% | $21.47 (โ6.81%) |
May 19, 2026 19w ago | 3 | $23.29 $19.99 | โผ โ14.17% | โผ โ15.15% | $21.47 (โ7.81%) |
May 14, 2026 20w ago | 424B4 | $21.55 $21.25 | โผ โ1.39% | โผ โ3.51% | $21.47 (โ0.37%) |
May 13, 2026 20w ago | 3 | $21.84 $21.25 | โผ โ2.70% | โผ โ1.84% | $21.47 (โ1.69%) |
May 13, 2026 20w ago | 3 | $21.84 $21.25 | โผ โ2.70% | โผ โ1.84% | $21.47 (โ1.69%) |
May 13, 2026 20w ago | 3 | $21.84 $21.25 | โผ โ2.70% | โผ โ1.84% | $21.47 (โ1.69%) |
May 13, 2026 20w ago | 3 | $21.84 $21.25 | โผ โ2.70% | โผ โ1.84% | $21.47 (โ1.69%) |
May 11, 2026 20w ago | S-1/A | โ | awaiting T+20 | โ | โ |
US Market Status
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