EagleRock Land files for IPO offering 17.3 million shares

EagleRock Land, LLC filed for an initial public offering of 17.3 million Class A shares representing limited liability company interests, according to a company statement.

The Texas-based limited liability company expects to price its shares between $17.00 and $20.00 per share. EagleRock has applied to list its Class A shares on the New York Stock Exchange and NYSE Texas under the ticker symbol "EROK."

Following the offering, the company will have two classes of equity securities: Class A shares and Class B shares. Class B shares carry voting rights but no economic rights, with holders entitled to one vote per share on matters requiring shareholder approval.

The company's share structure will result in Class A and Class B shares representing approximately 19.2% and 80.8% of total voting power, respectively, immediately after the offering. Existing owners will control approximately 72.8% of the total voting power, assuming underwriters do not exercise their option to purchase additional shares.

EagleRock has elected to be treated as a corporation for federal income tax purposes. Holders of both share classes will vote together as a single class on matters presented to shareholders, except where otherwise required by law or the company's operating agreement.

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