WaterBridge Plans $540M IPO Targeting $2.28B Valuation

Houston-based WaterBridge Infrastructure is planning a U.S. initial public offering to raise up to $540 million by selling 27 million shares at a price range of $17 to $20 per share, targeting a valuation of up to $2.28 billion. The company operates primarily in the Permian Basin's Delaware Basin, providing water infrastructure services such as gathering, transport, recycling, and handling of produced water for major oil producers including Devon Energy, Permian Resources, Chevron, and BPX Energy. WaterBridge's shares are expected to begin trading on the New York Stock Exchange and NYSE Texas under the ticker symbol "WBI". The IPO proceeds will be used in part to acquire interests held by third-party investors and to repay outstanding debt. The offering is led by J.P. Morgan and Barclays, with additional participation from Goldman Sachs, Morgan Stanley, Wells Fargo Securities, and others. WaterBridge is a pure-play water infrastructure firm backed by private equity firm Five Point Infrastructure, collaborating with other portfolio companies to meet growing water-handling demand in the region.