The largest produced water treatment company in the United States, WaterBridge (WBI.US), is planning an IPO with a price range of $17-20 per share and aims to raise $500 million.

WaterBridge Infrastructure (WBI.US), which provides comprehensive water services and infrastructure support for oil and gas exploration and production companies (E&Ps), announced the terms of its initial public offering (IPO) on Monday. The company, based in Houston, Texas, plans to issue 27 million shares at a price of $17 to $20 per share, raising $500 million. Based on the midpoint of the proposed price range, WaterBridge Infrastructure's fully diluted market value will reach $2.1 billion. As the largest produced water infrastructure network operator in the United States, WaterBridge owns approximately 2,500 miles of pipelines and 196 produced water treatment facilities. Its daily produced water treatment volume exceeds 2.6 million barrels, with a total treatment capacity of over 4.5 million barrels. Clients include Permian Resources (PR.US), Devon Energy Corporation (DVN.US), EOG Resources, Inc. (EOG.US), and Chevron Corporation (CVX.US), among other well-known companies. Founded in 2016, WaterBridge Infrastructure generated $722 million in revenue in the 12 months ending June 30, 2025. The company plans to list on the New York Stock Exchange under the ticker symbol "WBI". The joint book-running managers for this offering include J.P. Morgan, Barclays, Goldman Sachs Group, Inc., Morgan Stanley, Fidelity Securities, Piper Sandler, Raymond James, and Stifel. The IPO is expected to be priced in the week of September 15, 2025.