WaterBridge completes $588 million IPO with underwriters exercising full option

WaterBridge Infrastructure LLC completed 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 received net proceeds of approximately $588 million after deducting underwriting discounts, commissions and offering expenses.

The underwriters exercised their full option to purchase an additional 4.755 million shares at the public offering price. WaterBridge expects to receive additional net proceeds of approximately $89 million from the option shares on September 22, 2025, subject to customary closing conditions.

J.P. Morgan and Barclays served as lead book-running managers for the offering. Goldman Sachs & Co. LLC, Morgan Stanley, Wells Fargo Securities, Piper Sandler, Raymond James and Stifel acted as additional book-running managers. Texas Capital Securities, Pickering Energy Partners, Janney Montgomery Scott, Johnson Rice & Company and Roberts & Ryan served as co-managers.

The registration statements for the Class A shares became effective on September 16, 2025. WaterBridge operates water infrastructure networks primarily in the Delaware Basin, with additional assets in the Eagle Ford and Arkoma Basins. The Houston-based company operates approximately 2,500 miles of pipelines and 197 produced water handling facilities as of August 31, 2025.

The company's infrastructure network handled over 2.6 million barrels per day of produced water for customers and had more than 4.5 million barrels per day of total produced water handling capacity. WaterBridge provides water management solutions to oil and natural gas exploration and production companies under long-term contracts.

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