WaterBridge Infrastructure LLC priced its initial public offering of 31.7 million Class A shares at $20.00 per share, according to a company statement. The water infrastructure company granted underwriters a 30-day option to purchase up to an additional 4.76 million shares at the offering price.
The Class A shares are expected to begin trading on the New York Stock Exchange and NYSE Texas under the ticker symbol "WBI" on September 17, 2025. The offering is expected to close on September 18, 2025, subject to customary closing conditions.
WaterBridge expects to receive net proceeds of approximately $588 million from the offering, or $677 million if underwriters exercise their option to purchase additional shares in full, after deducting underwriting discounts, commissions and estimated expenses.
J.P. Morgan and Barclays are serving as lead book-running managers for the offering. Goldman Sachs, Morgan Stanley, Wells Fargo Securities, Piper Sandler, Raymond James and Stifel are acting as additional book-running managers. Texas Capital Securities, Pickering Energy Partners, Janney Montgomery Scott, Johnson Rice & Company and Roberts & Ryan are co-managers.
The company operates water infrastructure networks primarily in the Delaware Basin, with additional assets in the Eagle Ford and Arkoma Basins. As of August 31, 2025, WaterBridge's network included approximately 2,500 miles of pipelines and 197 produced water handling facilities, handling over 2.6 million barrels per day of produced water with total capacity exceeding 4.5 million barrels per day.
The U.S. Securities and Exchange Commission declared WaterBridge's registration statement effective on September 16, 2025.