WaterBridge Infrastructure LLC, a Houston-based water infrastructure company, has announced the terms of its Initial Public Offering (IPO). The company plans to sell 27 million Class A shares at a price range of $17 to $20 per share, aiming to raise approximately $540 million. After the IPO, the company’s estimated valuation is expected to reach $2.28 billion. The shares will be listed on the New York Stock Exchange (NYSE) and NYSE Texas under the ticker symbol WBI, with trading expected to start on September 17, 2025.
WaterBridge Infrastructure Company Overview
WaterBridge Infrastructure LLC, founded in 2016, specializes in oilfield water management. Its primary focus is on gathering, transporting, recycling, and handling produced water—a byproduct of oil and gas extraction. The company operates mainly in the Delaware Basin, one of North America’s major oil-producing regions.
WaterBridge operates a robust infrastructure network including approximately 2,500 miles of pipelines and 197 produced water facilities, with a total capacity of 4.5 million barrels per day (MMbbl/d). Major clients include BPX Energy, Chevron, Devon Energy, EOG Resources, and Permian Resources.
WaterBridge IPO Details
- Number of Shares: 27 million Class A shares
- Price Range: $17–$20 per share
- IPO Size: Approximately $540 million
- Ticker Symbol: WBI
- Stock Exchange: NYSE and NYSE Texas
- Trading Start Date: September 17, 2025
- Lead Underwriters: J.P. Morgan and Barclays
- IPO Purpose: Primarily to reduce debt and fund general corporate purposes
Financial Overview
2024 Financials:
- Revenue: $662.2 million
- Net Loss: $112.3 million
- EBITDA: $200 million
H1 2025 Financials:
- Revenue: $374.9 million
- Net Loss: $38 million
- EBITDA: $100 million
The company maintains an EBITDA margin of around 30%, which aligns with industry standards. WaterBridge has implemented initiatives to scale operations and improve cost efficiency. The IPO proceeds will be used to pay down existing debt and support general corporate purposes.
Purpose of the IPO
WaterBridge plans to use the IPO funds for several key objectives:
- Debt Reduction: Part of the proceeds will go toward paying off existing debt.
- General Corporate Purposes: Expanding operations and investing in new projects.
- Strategic Growth: Improving infrastructure and entering new markets to strengthen its presence.
The IPO will help the company diversify operations and achieve sustainable growth.
Conclusion
WaterBridge Infrastructure’s IPO represents a significant step in the produced water management sector of the oil and gas industry. With strong financials, strategic partnerships, and a growing market presence, this IPO offers an attractive opportunity for investors looking for sustainable and growth-oriented companies.
Source: WaterBridge
