WaterBridge Infrastructure LLC (WBI.US), which provides comprehensive water services and infrastructure support to oil and gas exploration and production companies (E&Ps), announced the terms of its initial public offering (IPO) on Monday. The Houston, Texas-based company plans to offer 27 million shares at a price range of $17 to $20 per share, seeking to raise $500 million.

Based on the midpoint of the proposed offering price range, WaterBridge Infrastructure LLC would achieve a fully diluted market capitalization of $2.1 billion. As the largest produced water infrastructure network operator in the United States, WaterBridge operates approximately 2,500 miles of pipeline and 196 produced water treatment facilities. The company processes more than 2.6 million barrels of produced water daily, with total processing capacity exceeding 4.5 million barrels. Its client base includes notable companies such as Permian Resources (PR.US), Devon Energy (DVN.US), EOG Resources (EOG.US), and Chevron (CVX.US).

Founded in 2016, WaterBridge Infrastructure LLC generated revenue of $722 million in the 12 months ended June 30, 2025. The company plans to list on the New York Stock Exchange under the ticker symbol "WBI." The joint bookrunners for this offering include JPMorgan, Barclays, Goldman Sachs, Morgan Stanley, Wells Fargo Securities, Piper Sandler, Raymond James, and Stifel. The IPO is expected to be priced during the week of September 15, 2025.