WaterBridge — a Houston-based company serving the oil & gas industry. It specializes in water management for the energy sector, providing a full cycle of services: sourcing, transportation, treatment, disposal, and reuse. These solutions are becoming critically important for environmentally responsible oil and gas production. Key clients include Chevronand Devon Energy.

Ecosystem and business model — WaterBridge builds long-term relationships with leading U.S. producers, ensuring stable cash flows through infrastructure contracts. Its focus on sustainable water usage makes its services increasingly relevant under tightening regulatory requirements.

Strengths and backing — the company’s largest shareholder is Five Point Energy, a leading private equity firm specializing in infrastructure. Its portfolio already includes successful cases such as LandBridge, whose market cap more than tripled after its IPO. Major banks — J.P. Morgan, Barclays, Goldman Sachs, and Morgan Stanley — are acting as underwriters for the IPO, confirming the market’s confidence in the company.

Market and competition — the water management market in oil & gas is expanding amid growing attention to ESG standards. Efficient water usage is becoming a strategic factor for the resilience of energy producers. Competition is limited, as the sector requires significant capital investment and deep infrastructure expertise, creating high barriers to entry.

IPO WaterBridge is considered one of the most notable offerings of the fall in the infrastructure sector, thanks to the company’s key role in supplying the oil & gas industry with water resources and the strong demand for sustainable solutions in energy production.

The company plans to raise $500 million at a valuation of around $2.1 billion, making the WaterBridge IPO one of the strategic events of 2025 in the U.S. energy infrastructure segment.

Application deadline — Tuesday, September 16, 6:00 PM (UAE).

• The largest shareholder is private equity fund Five Point, well known for its investments in infrastructure projects. The fund previously invested in LandBridge, whose market capitalization more than tripled after its IPO.

• The dual listing, including the NYSE Texas platform, is an important step in developing the regional exchange ecosystem. This event could draw attention to new regional exchanges as venues for infrastructure and energy companies.

• The water management segment is becoming increasingly strategic, as efficient water usage is a key factor in the sustainable development of the U.S. oil & gas industry.

WaterBridge was founded in Houston, Texas, and quickly became a key player in water management for the oil & gas industry. The company emerged at a time when oil and gas production faced new environmental challenges and regulatory constraints. WaterBridge introduced a comprehensive infrastructure — sourcing, transportation, treatment, disposal, and reuse of water — making it an indispensable partner for leading energy corporations. Among its clients are Chevron and Devon Energy.

In its early years, the business stood out for both scale and technology, building infrastructure projects across major U.S. production regions. Today, WaterBridge serves dozens of companies and plays a strategic role in the sustainable development of the oil & gas sector. Its largest shareholder is Five Point Energy, a fund specializing in infrastructure and energy investments. The fund’s expertise and capital have helped WaterBridge secure a leading position in the water management segment.

The name “WaterBridge” reflects the company’s mission — a “water bridge” between extraction and ecology,balancing industrial needs with sustainable use of natural resources. Its project footprint covers key U.S. states, while the growing importance of water treatment and reuse ensures long-term demand for its services.

The WaterBridge model is built on infrastructure contracts with major oil & gas corporations, providing predictable and stable cash flows. In the context of the global ESG trend and the push for efficient resource use, the company is becoming an increasingly important part of the U.S. energy ecosystem.

Today, WaterBridge is regarded as one of the most promising players in energy infrastructure. The upcoming IPO, with a target valuation of around $2.1 billion and expected proceeds of $500 million, will serve as a key indicator of investor interest in the water management segment. For investors, this represents an opportunity to gain exposure to a business at the intersection of energy, infrastructure, and sustainability — a market where demand is set to grow.

— What is an IPO?
An IPO (Initial Public Offering) is when a private company lists its shares on a stock exchange for the first time to raise capital from investors. From that point onward, the company’s shares can be freely bought and sold on the open market.

— Where are IPOs conducted?
IPOs take place on the world’s largest stock exchanges. In the U.S., the primary venues are the NYSE (New York Stock Exchange) and NASDAQ. Once a company goes public, its shares are freely traded on these exchanges, and the market price is established after the offering.

— What is allocation?
Allocation (from “allocation” — distribution) refers to the process of distributing resources, assets, or capital for maximum efficiency. In investing, allocation usually means distributing the available amount of shares among investors in an IPO or private placement.

— How much allocation does an investor receive?
The allocation size depends on the specific deal and typically ranges from 2% to 30% of the submitted order. In rare cases, allocation may reach up to 100%. Information about the actual IPO volume and share price we entered at becomes available roughly one day before the offering, approximately six hours prior to the trade.

Example — Bullish IPO (Aug 13, 2025):
An investor placed an order for $10,000. The allocation was 29.6%, meaning $2,960 was invested in the IPO. The remaining $7,040, including the purchase commission, was refunded to the balance and became available for withdrawal.

Klarna IPO (Sept 10, 2025):
An investor placed an order for $10,000. The allocation was 14%, meaning $1,400 was invested in the IPO. The remaining $8,600, including the purchase commission, was refunded to the balance and became available for withdrawal.

Figure IPO (Sept 11, 2025):
An investor placed an order for $10,000. The allocation was 16%, meaning $1,600 was invested in the IPO. The remaining $8,400, including the purchase commission, was refunded to the balance and became available for withdrawal.

Gemini IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 29%, meaning $2,900 was invested in the IPO. The remaining $7,100, including the purchase commission, was refunded to the balance and became available for withdrawal.

Legence IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 78%, meaning $7,800 was invested in the IPO. The remaining $2,200, including the purchase commission, was refunded to the balance and became available for withdrawal.

Black Rock Coffee Bar IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 68%, meaning $6,800 was invested in the IPO. The remaining $3,200, including the purchase commission, was refunded to the balance and became available for withdrawal.

— Why do companies go public?
To raise growth capital, increase brand visibility, and provide early investors and employees with an opportunity to sell part of their shares.

— How is participating in an IPO different from buying shares on the exchange?
When you participate in an IPO, you buy shares before they start trading publicly. This provides an opportunity to purchase at the fixed offering price but also carries the risk that the price may drop once trading begins.

— What do I get by participating in an IPO through Regolith?
You become an investor in the company at the IPO stage via our U.S. partner infrastructure. After the transaction is completed and the lock-up period expires, profits from the share sale are distributed among investors proportionally to their stake in the deal.

— What is a lock-up period and how long does it last?
A lock-up period is a timeframe set by the issuer and underwriters during which shares cannot be sold. For IPOs offered through our platform, this period is 93 days. Once it ends, the shares are sold on the exchange and proceeds are distributed among investors.

— How is participating through the platform different from buying shares independently?
To buy independently, you would need access to a U.S. broker, a significant investment amount, and approval from underwriters. The platform pools capital from investors, providing access to IPOs that are otherwise unavailable to most individuals.

— Through whom is IPO participation carried out?
We operate through a U.S.-based structure that works with a licensed broker in the U.S. Our partner selects promising IPOs and participates in the offering under its own name.

— How is the deal structured legally?
An investor signs an agreement/offer to participate in the investment product. Regolith then transfers funds to its partner entity — Wealthy Labs Limited (the provider), which enters into a forward contract with the broker and executes all operational activities. The provider delivers the financial outcome to Regolith, which then distributes proceeds among investors.

— Is there a minimum investment amount?
Yes. Each IPO has a defined minimum entry threshold, shown on the offering page. On average, Regolith provides access starting from $500.

— Do I receive shares into my personal brokerage account?
No. Shares are purchased and held in the partner’s brokerage account. After the lock-up period, the broker sells the shares and transfers proceeds for distribution among investors.

— Can shares be transferred directly to my brokerage account?
No. Participation is structured via a forward contract with the partner’s brokerage infrastructure. The deal is executed on behalf of the partner, and settlements with investors are carried out through the platform.

— How can I sell my shares after the IPO?
Sales are processed automatically: once the lock-up expires, the partner broker sells the shares on the exchange, and proceeds are distributed proportionally among investors.

— What are the risks of investing in IPOs?
IPOs are high-risk investments. While they may offer high returns, they also carry significant volatility. Share prices on the first trading day — and after the lock-up — can fluctuate sharply. There is a risk that the market price will fall below the offering price. In addition, macroeconomic and sector-specific factors can affect outcomes.

— Can I know in advance how much I will earn?
IPO returns are not guaranteed. The final result depends on the share price at the time of sale after the lock-up, overall market conditions, and the company’s performance.

— How can I verify that Regolith participates in IPOs?
We publish all available deal information in the client dashboard. Additionally, we provide an agreement disclosing the infrastructure used for transactions. Broker and partner documents are not shared, as they contain confidential data protected by contractual obligations.