WaterBridge Infrastructure, a water management platform backed by US private equity and infrastructure investor Five Point Infrastructure, has raised $634m in a US initial public offering, according to a report by Reuters.
The Houston-based company priced 31.7 million shares at $20 each, the top end of its marketed range, giving it a market value of $2.3bn. Shares will now trade on the New York Stock Exchange and NYSE Texas under the ticker “WBI”.
WaterBridge, a pure-play water infrastructure operator focused on the Delaware Basin, provides gathering, transportation, recycling and disposal services for major E&P companies, including BPX Energy, Chevron, Devon Energy, EOG Resources and Permian Resources.
The IPO comes amid a busier US listings calendar and follows last year’s debut of LandBridge, another Five Point–backed platform.
JPMorgan and Barclays acted as lead underwriters.
