Aris Water Solutions, which operates a water pipeline for the oil and gas fracking industry, raised $229 million by offering 17.7 million shares at $13, below the range of $16 to $18.
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 plans to list on the NYSE under the symbol ARIS. Goldman Sachs, Citi, J.P. Morgan, Wells Fargo Securities, Barclays, and Evercore ISI acted as joint bookrunners on the deal.
