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WaterBridge Infrastructure, backed by private equity firm Five Point, has raised USD 634 million through its IPO in the United States. The company sold 31.7 million shares at USD 20 each, pricing them at the top of its range of USD 17 to USD 20. This valued the Houston-based water management firm at about USD 2.3 billion. WaterBridge, which operates mainly in the Delaware Basin, handles produced water for major energy players including BPX Energy, Chevron, Devon Energy, EOG Resources and Permian Resources. J.P. Morgan and Barclays led the offering.
WaterBridge Infrastructure has completed its US initial public offering, raising USD 634 million by selling 31.7 million shares at USD 20 each. The pricing was at the upper end of its expected range of USD 17 to USD 20 per share, giving the company a valuation of roughly USD 2.3 billion. Advertisement
The Houston-based company specializes in oilfield water management, focusing on gathering, transporting, recycling, and handling produced water. Its operations are concentrated in the Delaware Basin, where it provides long-term, fee-based services to exploration and production companies. This business model enables it to generate stable revenue even when oil and gas prices fluctuate.
WaterBridge is supported by private equity firm Five Point. The IPO comes more than a year after the listing of LandBridge, another Five Point-backed entity, which collaborates with WaterBridge in utilizing underused pore space in the Delaware Basin. This collaboration addresses the increasing demand for water-handling capacity in the region.
The company serves several large customers, including BPX Energy, Chevron, Devon Energy, EOG Resources, and Permian Resources. Its infrastructure footprint includes about 2,500 miles of pipelines and nearly 200 produced water handling facilities. In the first six months of this year, WaterBridge reported revenue of around USD 374.9 million but recorded a net loss of about USD 38 million.
The IPO comes during a period of heightened activity in the US listings market. Other companies, such as StubHub, Netskope, and Pattern, were also preparing to list in the same time frame. Market conditions have improved following volatility earlier in the year, which had slowed down IPO activity. Confidence has been supported by progress in trade discussions and expectations of monetary easing through potential interest rate cuts.
J.P. Morgan and Barclays acted as lead underwriters for the offering. WaterBridge shares are set to trade under the ticker "WBI" on both the New York Stock Exchange and NYSE Texas.
Source- Reuters
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