(Reuters) - WaterBridge is seeking a valuation of up to $2.28 billion in its initial public offering in the U.S., the oilfield water management company said on Monday, underscoring strengthening momentum in the new listings market.
U.S. listings have rebounded from a slump in April sparked by tariff-driven market volatility, as signs of progress in trade negotiations and resilient investor demand restored confidence in the market.
The Five Point-backed company said it would sell 27 million shares,
priced between $17 and $20 apiece, to raise as much as $540 million.
Houston, Texas-based WaterBridge is a pure-play water infrastructure firm mainly operating in the Delaware Basin. It is involved in gathering, transporting, recycling and handling produced water for oil exploration and production firms.
The 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.
Asset manager Horizon Kinetics has indicated interest in buying up to $120 million worth of shares in the offering.
J.P. Morgan and Barclays are the lead underwriters for the offering.
WaterBridge will list on the New York Stock Exchange and NYSE Texas under the symbol "WBI."
(Reporting by Prakhar Srivastava and Arasu Kannagi Basil in Bengaluru; Editing by Shreya Biswas)
