Aris Water Solutions, which operates a water pipeline for the oil and gas fracking industry, announced terms for its IPO on Thursday.
The Houston, TX-based company plans to raise $300 million by offering 17.7 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Aris Water Solutions would command a fully diluted market value of $920 million.
Aris states that it delivers full-cycle water handling and recycling solutions that increase the sustainability of energy company operations. Its integrated pipelines and related infrastructure deliver high-capacity, comprehensive produced water management, recycling, and supply solutions to operators in the core areas of the Permian Basin. Aris provides critical environmental solutions to many active and well-capitalized companies operating in the Permian Basin, including affiliates of ConocoPhillips, Occidental Petroleum, Exxon Mobil, Marathon Oil, Chevron, and Mewbourne Oil.
Aris Water Solutions was founded in 2015 and booked $190 million in revenue for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol ARIS. Goldman Sachs, Citi, J.P. Morgan, Wells Fargo Securities, Barclays, and Evercore ISI are the joint bookrunners on the deal. It is expected to price during the week of October 18, 2021.
