Five Point-Backed WaterBridge Jumps 14% After $634 Million IPO

WaterBridge Infrastructure LLC shares rose 14% in their trading debut after the water infrastructure company raised $634 million in an initial public offering that priced at the top end the marketed range.

The stock closed at $22.83 apiece on Wednesday, compared with the IPO price of $20. The shares were marketed for $17 to $20 each in an upsized offering of 31.7 million shares.

The trading gives WaterBridge a market value of about $2.7 billion, based on the outstanding shares. The Houston-based company is backed by private equity firm Five Point Infrastructure LLC, which was set to still hold ...