Oilfield water management company WaterBridge is seeking a valuation of up to $2.28 billion in its U.S. IPO, reflecting a strong market for new listings. U.S. listings have rebounded from April’s slump, with WaterBridge looking to raise $540 million by selling 27 million shares priced between $17 and $20 each.

Based in Houston, Texas, WaterBridge operates in the Delaware Basin, specializing in gathering, transporting, recycling, and handling produced water for oil exploration and production companies. The company, backed by Five Point, partners with LandBridge to meet water-handling demand. Major customers include BPX Energy, Chevron, Devon Energy, EOG Resources, and Permian Resources.

Asset manager Horizon Kinetics is interested in buying up to $120 million worth of shares in WaterBridge’s IPO. J.P. Morgan and Barclays are the lead underwriters for the offering, with the company set to list on the NYSE and NYSE Texas under the symbol “WBI.”

Read more at Yahoo Finance: Five Point-backed WaterBridge eyes up to $2.3 billion valuation in US IPO