TradingKey - Oil field water management company WaterBridge (WBI) announced on September 16 that its US initial public offering (IPO) is expected to price 31.7 million shares at $20 per share, raising a total of $634 million.
The offering price is at the upper end of its originally targeted range of $17 to $20, with the company's market capitalization estimated at approximately $2.3 to $2.4 billion at this price.
This IPO is jointly underwritten by J.P. Morgan and Barclays, with the proceeds primarily intended for debt repayment and the acquisition of partial equity held by Elda River Capital LLC, thereby further optimizing the capital structure and solidifying the market position.
WaterBridge is backed by private equity firm Five Point and collaborates with LandBridge (LB.N), also under Five Point and listed in 2024. The two companies leverage underutilized pore space in the Delaware Basin to address the region's growing water treatment needs jointly.
LandBridge has seen its stock price surge over 125% since its listing, providing a positive reference point for WaterBridge's market performance.
WaterBridge will officially begin dual-listed trading on the New York Stock Exchange and NYSE Texas on September 17. Market analysts believe that the company, leveraging its scale advantages in oil field water management, stable customer base, and the successful precedent set by affiliated company LandBridge, has the potential to replicate or even surpass its stock performance, injecting new momentum into capitalization exploration in the energy infrastructure sector.
The timing of this IPO coincides with a gradual recovery in the US new stock market. In the second half of 2025, IPO activity has noticeably rebounded, driven by expectations of Federal Reserve rate cuts and a rebound in small and mid-cap stocks. Multiple companies, including StubHub ticketing, cybersecurity firm Netskope, and e-commerce platform Pattern, have simultaneously launched listing plans, collectively serving as "barometers" of market recovery.
As a leading integrated pure water infrastructure company, WaterBridge specializes in providing produced water collection, transportation, recycling, and treatment services for shale oil and gas development. Its core market covers the Delaware Basin, with clients including industry giants such as Chevron (CVX.N), EOG Resources (EOG.N), and Devon Energy (DVN.N).
As of July 2025, the company has built approximately 2,500 miles of pipeline network and 196 treatment facilities, with a daily processing capacity exceeding 2.6 million barrels and a total processing capacity of 4.5 million barrels per day, making it a leader in the US produced water infrastructure sector.
Financial data shows that the company's revenue was $662.2 million in 2024, with revenue reaching $374.9 million in the first half of 2025. Despite a net loss of $112.3 million in 2024 due to industry cyclicality and investment expansion, its stable cash flow model built on long-term fee contracts continues to attract investor interest.
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