By Arasu Kannagi Basil<\/p>\n
(Reuters) -Midstream water management company WaterBridge Infrastructure filed for a U.S. initial public offering on Friday, underscoring growing momentum in the new listings market.<\/p>\n
A slew of corporate issuers have joined the IPO pipeline in recent days, setting them up for a potential September launch.<\/p>\n
Firming bets of potential near-term rate cuts are also expected to support the constructive IPO sentiment into the fall season.<\/p>\n
“Lower U.S. rates and a proliferation of the rally to U.S. small- and mid-caps may add fuel to the fire towards year-end,” IPOX CEO Josef Schuster said.<\/p>\n
Cybersecurity firm Netskope and e-commerce firm Pattern also filed their paperwork on Friday to go public in New York.<\/p>\n
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.<\/p>\n
The Houston, Texas-based company reported a pro forma net loss of $38 million on revenue of $374.9 million in the six months ended June 30.<\/p>\n
The company’s infrastructure network included roughly 2,500 miles of pipelines and 196 produced water handling facilities as of July 31.<\/p>\n
While its core focus is on oil exploration and production companies, WaterBridge is looking to expand to facilitate growing water demand from new industries.<\/p>\n
The company caters to major oil and gas companies such as BPX Energy, Chevron, Devon Energy, EOG Resources and Permian Resources.<\/p>\n
WaterBridge is a portfolio company of private equity and infrastructure investor Five Point and Singapore’s sovereign wealth fund GIC.<\/p>\n
The listing will come more than a year after the successful New York flotation of LandBridge, another Five Point-backed company.<\/p>\n
LandBridge’s shares have more than tripled since going public last year.<\/p>\n
J.P. Morgan and Barclays are the lead underwriters for the offering. WaterBridge will list on both the New York Stock Exchange and NYSE Texas under the symbol “WBI.”<\/p>\n
Proceeds from the offering will be used to repay debt and other purposes.<\/p>\n
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Alan Barona)<\/p>\n","protected":false},"excerpt":{"rendered":"By Arasu Kannagi Basil (Reuters) -Midstream water management company WaterBridge Infrastructure filed for a U.S. initial public offering…\n","protected":false},"author":2,"featured_media":88820,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[64,63,99,4217,2944,66177,171,66179,66178,66176],"class_list":{"0":"post-88819","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-infrastructure","12":"tag-initial-public-offering","13":"tag-ipo-pipeline","14":"tag-markets","15":"tag-produced-water","16":"tag-water-management-company","17":"tag-waterbridge"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/88819","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=88819"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/88819\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/88820"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=88819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=88819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=88819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}