Shares of WaterBridge Infrastructure surged 25% in their first day of trading on the New York Stock Exchange on Wednesday, giving the midstream water management company a market capitalization of nearly $3 billion and signaling renewed investor appetite for energy-related IPOs.
The Houston-based company, backed by private equity firm Five Point, opened at $25 per share compared with its offer price of $20. WaterBridge raised $634 million by selling 31.7 million shares in an upsized offering, having initially planned to sell 27 million shares in a range of $17 to $20 apiece.
The deal arrives during a notable rebound in U.S. IPO activity this fall, as investors look past tariff uncertainties and take advantage of record-high equity markets and growing expectations for interest-rate cuts. For the energy sector, which has seen a slowdown in listings this year, WaterBridge’s strong debut is being watched as a bellwether for future offerings.
WaterBridge operates an extensive network of water infrastructure across key U.S. shale basins, providing supply, recycling and disposal services to oil and gas producers. “WaterBridge’s IPO likely will be an important indicator to gauge the oil and gas energy market in general,” said Jeff Whittle, who leads the global energy and natural resources industry group at law firm Womble Bond Dickinson.
While a flurry of energy IPOs earlier in 2025 briefly raised hopes for a sustained wave of listings, the pace has since cooled. Companies such as Venture Global, Flowco, and Infinity Natural Resources—each of which went public earlier this year—are now trading below their offer prices. “Companies may be waiting until crude prices increase to get higher valuations prior to attempts to go public,” Whittle added.
WaterBridge has been eyeing a public listing for years, first filing confidentially in 2018. Since then, it has expanded through acquisitions and sold a minority stake to Singapore’s sovereign wealth fund, GIC, bolstering its balance sheet ahead of its IPO.
The successful debut marks a significant win for David Capobianco’s Five Point, which created WaterBridge in 2016. Another Five Point-backed venture, LandBridge, has tripled in value since going public last year. The two firms also partner on water-handling solutions in the Delaware Basin, leveraging underutilized pore space to meet growing demand for water services from energy producers.
With its shares soaring on day one, WaterBridge’s listing highlights both investor interest in critical energy infrastructure and the potential for private equity-backed companies to find receptive public markets as conditions improve.
Pump Radar
Stock Alerts