Permian landowner EagleRock eyes $2.6 billion valuation in US IPO

May 4 (Reuters) - Land management company EagleRock EROK.N is targeting a valuation of up to $2.6 billion in its initial public offering in the United States, as it seeks to tap renewed investor interest in the energy sector.

The Houston-based company said it was aiming to raise up to $346 million in the IPO by offering 17.3 million shares priced between $17 and $20 apiece.

Signs of easing geopolitical tensions in the Middle East have encouraged companies to proceed with IPO filings after a brief lull earlier in the year.

Energy companies often go public in clusters, driven by the same favorable macroeconomic factors, according to Renaissance Capital, which provides IPO-focused research and ETFs.

EagleRock collects royalties and fees from oil and gas exploration and production on land it owns ​or controls, rather than drilling itself, allowing it to earn ​largely fee‑based income with limited operating costs.

Companies such as Chevron CVX.N, Devon Energy DVN.N, EOG Resources EOG.N and Exxon Mobil XOM.N drill on EagleRock's land or have permits to do so.

The company owns or controls 236,000 acres across the Permian Basin, one of the world's most prolific oil‑producing regions, spanning West Texas and southeastern New Mexico.

EagleRock said it was looking to broaden its revenue streams by exploring alternative land uses, including power generation, data centers and renewables as well as carbon‑capture‑related infrastructure.

Goldman Sachs, Barclays, J.P. Morgan, Piper Sandler and Raymond James ⁠are among ​the underwriters for the offering.

EagleRock intends ​to list its shares on the New York Stock Exchange and NYSE Texas under the symbol "EROK."