WaterBridge (WBI) upsized its IPO at pricing to 31.7 million shares – up from 27 million shares originally – and priced the deal at $20.00 – the top of its $17.00-to-$20.00 range – to raise $634 million on Tuesday night, Sept. 16, 2025. At pricing, WaterBridge had a market cap of about $2.4 billion. (Editor’s Note: This story, published Tuesday evening, Sept. 16, 2025, was updated early Wednesday afternoon, Sept. 17, with news of Waterbridge shares’ debut on the NYSE.)
WaterBridge’s stock started trading at $25.00 – up 25 percent from its $20.00 IPO price – after 1 p.m. EDT Wednesday, Sept. 17, 2025, on the New York Stock Exchange. WaterBridge’s stock also trades on the newly minted NYSE Texas Exchange.
J.P. Morgan, Barclays, Goldman Sachs and Morgan Stanley led the joint book-running team.
Wells Fargo Securities, Piper Sandler, Raymond James and Stifel were also joint book-runners on the WaterBridge IPO.
Horizon Kinetics, an anchor investor, had indicated for $120 million of stock in the IPO.
Houston-based WaterBridge shares a financial sponsor, the private equity firm Five Point, and a management team with LandBridge (LB), a successful IPO in June 2024.
WaterBridge said in the prospectus that it provides “water management solutions to oil exploration and production companies.” The company handles the wastewater from oil and gas drilling.
“Our clientele includes major oil and gas producers – BPX Energy, Chevron, Devon Energy, EOG Resources and Permian Resources, for example,” WaterBridge said in the prospectus. “As of July 31, 2025, we operated about 2,500 miles of pipelines and 196 produced water-handling facilities.“
The company operates predominantly in the Delaware Basin, which is the most prolific oil and natural gas basin in North America. It also operates leading water infrastructure networks in the Eagle Ford and Arkoma basins.
WaterBridge is not profitable, according to financial statements in the prospectus. For the 12 months that ended June 30, 2025, WaterBridge reported a net loss of $72.63 million on revenue of $729.91 million.