US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

WaterBridge Infrastructure / Equity Capital Markets

<ul>
<li>The Delaware Basin-focused water infrastructure provider priced 31.7 million shares at $20.00, the high end of its $17–$20 range, after upsizing from 27.0 million shares on robust demand.</li>
<li>Shares opened at $25.00, giving early investors a 25% premium, before selling off into the close at $22.83.</li>
<li>With Five Point’s backing, a growing project pipeline, and favorable positioning in the Delaware Basin, the company enters public markets on solid footing.</li>
</ul>


The Delaware Basin-focused water infrastructure provider priced 31.7 million shares at $20.00, the high end of its $17–$20 range, after upsizing from 27.0 million shares on robust demand.
Shares opened at $25.00, giving early investors a 25% premium, before selling off into the close at $22.83.
With Five Point’s backing, a growing project pipeline, and favorable positioning in the Delaware Basin, the company enters public markets on solid footing.


WaterBridge Infrastructure LLC (WBI): High-End Pricing Leads to Solid IPO Debut

<ul>
<li>The Delaware Basin–focused water infrastructure operator set terms Monday to sell 27 million shares at $17–$20, with a debut slated for Wednesday, September 17.</li>
<li>According to our sources, the deal's order book is classified as multiple-times oversubscribed with 1-on-1 and long-only conversions.</li>
<li>With a strong anchor order and a 10% directed share program and the sponsor having a history of success, we like the risk-reward profile of this deal at this time.</li>
</ul>


The Delaware Basin–focused water infrastructure operator set terms Monday to sell 27 million shares at $17–$20, with a debut slated for Wednesday, September 17.
According to our sources, the deal's order book is classified as multiple-times oversubscribed with 1-on-1 and long-only conversions.
With a strong anchor order and a 10% directed share program and the sponsor having a history of success, we like the risk-reward profile of this deal at this time.


WaterBridge Infrastructure LLC (WBI): Sponsor Five Point Looks to Replicate Landbridge IPO Success

<ul>
<li>WaterBridge will offer 27 million shares at a $17-$20 range and will debut on Wednesday, 9/17.</li>
<li>There is a signficant $120 million anchor order on the cover of the prospectus from Horizon Kinetics. </li>
<li>As an infrastructure play tied to oil and gas, this offering may attract a different class of investors.</li>
</ul>


WaterBridge will offer 27 million shares at a $17-$20 range and will debut on Wednesday, 9/17.
There is a signficant $120 million anchor order on the cover of the prospectus from Horizon Kinetics. 
As an infrastructure play tied to oil and gas, this offering may attract a different class of investors.


WaterBridge Infrastructure LLC (WBI): Delaware Basin Water IPO Seeking up to $2.3 Billion Valuation

<ul>
<li>WaterBridge Infrastructure filed for IPO on August 22nd and is to likely debut in late September or Early October.</li>
<li>Their customers include active and well-capitalized E&amp;P companies in the areas in which they operate, including BPX Energy, Chevron, Devon Energy Corporation, EOG Resources and Permian Resources.</li>
<li>They had total revenue of 167.8 million and $166.3 million and net loss of $44.5 million and $29.8 million in the first half of 2024 and 2025, respectively.</li>
</ul>


WaterBridge Infrastructure filed for IPO on August 22nd and is to likely debut in late September or Early October.
Their customers include active and well-capitalized E&amp;P companies in the areas in which they operate, including BPX Energy, Chevron, Devon Energy Corporation, EOG Resources and Permian Resources.
They had total revenue of 167.8 million and $166.3 million and net loss of $44.5 million and $29.8 million in the first half of 2024 and 2025, respectively.


WaterBridge Infrastructure LLC (WBI): Peeking at the IPO Prospectus of a Oil & Gas Tertiary Play

United States

WaterBridge Infrastructure LLC operates as a water infrastructure company. 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. WaterBridge Infrastructure serves customers in the United States.

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WaterBridge Infrastructure (WBI US)

WaterBridge Infrastructure LLC (WBI): High-End Pricing Leads to Solid IPO Debut

Delaware Basin water infrastructure provider prices IPO at high end, opens with 25% premium before closing lower. Solid footing with Five Point...

IPO Boutique

WaterBridge Infrastructure LLC (WBI): Delaware Basin Water IPO Seeking up to $2.3 Billion Valuation

WaterBridge to debut on 9/17 with 27 million shares at $17-$20, attracting new investors with $120 million anchor order from Horizon Kinetics.

IPO Boutique

WaterBridge Infrastructure LLC (WBI): Peeking at the IPO Prospectus of a Oil & Gas Tertiary Play

WaterBridge Infrastructure, set to debut in late Sept/early Oct, has strong customer base with well-capitalized E&P companies.

IPO Boutique

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

WaterBridge Infrastructure LLC (WBI): High-End Pricing Leads to Solid IPO Debut

​Delaware Basin water infrastructure provider prices IPO at high end, opens with 25% premium before closing lower. Solid footing with Five Point...

IPO Boutique

WaterBridge Infrastructure LLC (WBI): Sponsor Five Point Looks to Replicate Landbridge IPO Success

​Delaware Basin water infrastructure operator set to debut with strong investor interest and promising risk-reward profile.

IPO Boutique

WaterBridge Infrastructure LLC (WBI): Delaware Basin Water IPO Seeking up to $2.3 Billion Valuation

​WaterBridge to debut on 9/17 with 27 million shares at $17-$20, attracting new investors with $120 million anchor order from Horizon Kinetics.

IPO Boutique

WaterBridge Infrastructure LLC (WBI): Peeking at the IPO Prospectus of a Oil & Gas Tertiary Play

​WaterBridge Infrastructure, set to debut in late Sept/early Oct, has strong customer base with well-capitalized E&P companies.

IPO Boutique

Delaware Basin water infrastructure provider prices IPO at high end, opens with 25% premium before closing lower. Solid footing with Five Point...

Delaware Basin water infrastructure operator set to debut with strong investor interest and promising risk-reward profile.

WaterBridge to debut on 9/17 with 27 million shares at $17-$20, attracting new investors with $120 million anchor order from Horizon Kinetics.

WaterBridge Infrastructure, set to debut in late Sept/early Oct, has strong customer base with well-capitalized E&P companies.