HOUSTON - WaterBridge Infrastructure LLC has priced its upsized initial public offering of 31.7 million Class A shares at $20.00 per share, the company announced Tuesday. The infrastructure company expects to raise approximately $588 million in net proceeds from the offering. According to InvestingPro data, WaterBridge generated revenue of $644.2 million in the last twelve months, with a healthy gross profit margin of 58.1%.
The Class A shares are scheduled to begin trading Wednesday on both the New York Stock Exchange and NYSE Texas under the ticker symbol "WBI." The offering is expected to close Thursday, subject to customary closing conditions.
WaterBridge has granted underwriters a 30-day option to purchase up to an additional 4.755 million Class A shares at the public offering price. If fully exercised, this would increase net proceeds to approximately $677 million.
J.P. Morgan and Barclays are serving 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. InvestingPro analysis shows the company maintains strong operational efficiency, with EBITDA of $308.86 million in the last twelve months. InvestingPro Tips indicate that while the company's liquid assets exceed short term obligations, there are several more key insights available to subscribers.
As of August 31, the company's network handled over 2.6 million barrels per day of produced water for its customers and had more than 4.5 million barrels per day of total handling capacity. Despite this operational scale, financial metrics from InvestingPro indicate the company is not yet profitable, with attention needed on its path to profitability.
The company provides water management solutions to oil and natural gas exploration and production companies under long-term contracts, which include gathering, transporting, recycling and handling produced water.
A registration statement relating to the offering was declared effective by the U.S. Securities and Exchange Commission on Tuesday, according to the press release statement.
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