Five Point-backed WaterBridge raises $634 million in US IPO

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(Reuters) – WaterBridge Infrastructure raised $634 million in an initial public offering in the United States, the oilfield water management firm said on Tuesday, in the latest sign of renewed momentum in the listings market.

The Houston, Texas-based company sold 31.7 million shares at $20, at the higher end of its marketed range of $17 to $20 apiece. The IPO valued it at $2.3 billion. WaterBridge’s debut comes during a crowded stretch for IPOs, with ticket reseller StubHub, cybersecurity firm Netskope and e-commerce firm Pattern also slated to list this week, underscoring renewed investor demand for new offerings. After an April slump caused by tariff-driven market volatility, U.S. listings have regained ground, supported by progress in trade talks and expectations of a September rate cut. WaterBridge’s offering will test investors’ appetite for midstream water management firms, which earn steady cash flows through long-term, fee-based contracts, even when energy prices fluctuate. Backed by private equity firm Five Point, WaterBridge is a pure-play water infrastructure company with operations mainly in the Delaware Basin. It is involved in gathering, transporting, recycling and handling produced water for oil exploration and production companies. The company’s listing comes more than a year after the New York debut of fellow Five Point-backed LandBridge, with which WaterBridge partners to use underutilized pore space in the Delaware Basin to meet rising water-handling demand. Its customers include BPX Energy, Chevron, Devon Energy, EOG Resources and Permian Resources. J.P. Morgan and Barclays are the lead underwriters for the offering. WaterBridge will start trading on the New York Stock Exchange and NYSE Texas under the symbol “WBI” on Wednesday.

(Reporting by Prakhar Srivastava and Ananya Palyekar in Bengaluru; Editing by Krishna Chandra Eluri and Rashmi Aich)