WaterBridge Infrastructure, which provides comprehensive water services and infrastructure for E&Ps, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $250 million.
WaterBridge operates the largest produced water infrastructure network in the United States with approximately 2,500 miles of pipelines and 196 produced water handling facilities, which handled over 2.6 million barrels per day (bpd) of produced water and had more than 4.5 million bpd of total produced water handling capacity. Its customers including Permian Resources, Devon Energy, EOG Resources, and Chevron.
The Houston, TX-based company was founded in 2016 and booked $735 million in sales for the 12 months ended June 30, 2025. It plans to list on the NYSE and NYSE Texas under the symbol WBI. WaterBridge Infrastructure filed confidentially on April 18, 2025. J.P. Morgan, Barclays, Goldman Sachs, Morgan Stanley, Wells Fargo Securities, Piper Sandler, Raymond James, and Stifel are the joint bookrunners on the deal. No pricing terms were disclosed.
