UPDATE 1-EagleRock Land valued at about $3 billion as shares rise in NYSE debut

Eaglerock Land LLC Class A

Eaglerock Land LLC Class A

EROK

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- EagleRock Land EROK.N shares rose 24.3% in their New York Stock Exchange debut on Thursday, valuing the Permian Basin landowner and management company at $2.99 billion.

The Houston-based company's stock opened at $23 apiece, compared with the $18.50 offer price. It sold 17.3 million shares in its IPO to raise $320.1 million.

The debut comes as the Middle East conflict — which has triggered one of the greatest-ever global energy shocks — drives up crude prices and lifts interest in U.S. assets, prompting more oil and gas companies to pursue market listings.

The week has been busy for new listings, with three IPOs raising more than $1 billion. AI chipmaker Cerebras Systems and Blackstone Digital Infrastructure Trust are set to debut alongside EagleRock, while Fervo Energy shares surged in their Wednesday debut.

EagleRock owns and controls land in the Delaware and Midland portions of the Permian, the heart of the U.S. ​shale industry in Texas and New Mexico, as well as infrastructure to handle water used in the hydraulic fracturing process, according to its website.