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HOUSTON - WaterBridge Infrastructure LLC closed its upsized initial public offering of 31.7 million Class A shares at $20.00 per share, the company announced Thursday. The stock has shown remarkable momentum, surging 14.15% in its first week of trading to $22.60. The underwriters also exercised their option to purchase an additional 4.755 million shares. According to InvestingPro analysis, the stock appears overvalued at current levels, with several key metrics suggesting careful consideration before investment.
The water infrastructure company received approximately $588 million in net proceeds from the offering after deducting underwriting discounts, commissions, and expenses. WaterBridge expects to receive an additional $89 million in net proceeds on September 22, 2025, when the optional share purchase is scheduled to close. The company’s financial position shows a healthy current ratio of 1.41, indicating strong ability to meet short-term obligations.
J.P. Morgan and Barclays served as lead book-running managers for the offering, with Goldman Sachs & Co. LLC, Morgan Stanley, Wells Fargo Securities, Piper Sandler, Raymond James, and Stifel acting as additional book-running managers.
WaterBridge operates what it describes as the largest produced water infrastructure network in the United States, primarily in the Delaware Basin with additional assets in the Eagle Ford and Arkoma Basins. The company’s infrastructure includes approximately 2,500 miles of pipelines and 197 produced water handling facilities.
According to the press release statement, WaterBridge’s network handled over 2.6 million barrels per day of produced water for its customers as of August 31, 2025, with a total handling capacity exceeding 4.5 million barrels per day. This operational scale has translated into significant financial metrics, with the company generating $644.2 million in revenue and $308.86 million in EBITDA over the last twelve months. InvestingPro subscribers can access additional insights, including 6 more exclusive ProTips and comprehensive financial analysis.
The company provides water management solutions to oil and natural gas exploration and production companies under long-term contracts, including gathering, transporting, recycling, and handling produced water.
The registration statements for the IPO became effective on September 16, 2025.
In other recent news, WaterBridge Infrastructure LLC has successfully completed its initial public offering, pricing its upsized IPO at $20 per share. The company offered 31.7 million Class A shares, raising approximately $588 million in net proceeds. The shares began trading on the New York Stock Exchange and NYSE Texas under the ticker symbol "WBI." Upon debut, WaterBridge Infrastructure’s shares opened at $25, marking a 25% increase from the IPO price, although they later adjusted to the $23 range, still about 15% higher than the initial pricing. The offering is expected to officially close, pending customary closing conditions. These recent developments mark a significant milestone for WaterBridge Infrastructure as it enters the public market.
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