WaterBridge Infrastructure, which provides comprehensive water services and infrastructure for E&Ps, raised $634 million by offering 31.7 million shares at $20, the high end of the range of $17 to $20. The company had originally planned to offer 27.0 million shares.
The Houston, TX-based company 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.
WaterBridge Infrastructure plans to list on the NYSE and the NYSE Texas under the symbol WBI. J.P. Morgan, Barclays, Goldman Sachs, Morgan Stanley, Wells Fargo Securities, Piper Sandler, Raymond James, and Stifel acted as joint bookrunners on the deal.
