HMH Holding, a provider of drilling equipment and services, announced terms for its IPO on Monday.
The Houston, TX-based company plans to raise $216 million by offering 10.5 million shares at a price range of $19 to $22.
HMH Holding first filed for its US IPO in August 2024; the deal's launch coincides with a sharp increase in oil prices since the outbreak of the war in Iran. On Monday, the cost of Brent Crude was just under $100 a barrel, a roughly 60% increase from the start of the year. HMH's publicly-traded parent companies, Baker Hughes and Akastor, have each traded up more than 30% year-to-date.
HMH is a leading equipment provider for the oil and gas industry, with a focus on offshore operations through sales of projects and products, and aftermarket services. The company operates globally, with a presence in 16 countries and sales in over 60 countries. It serves core customer categories: drilling contractors, operators (including oil and gas companies and mining companies), and manufacturers. HMH emphasizes its asset-light business model, which allows for growth and scalability with low incremental investment. The company is also expanding into adjacent industries such as subsea mining.
HMH Holding was founded in 2021 and booked $822 million in revenue for the 12 months ended December 31, 2025. It plans to list on the Nasdaq under the symbol HMH. J.P. Morgan, Piper Sandler, Evercore ISI, Citi, and DNB Markets are the joint bookrunners on the deal. It is expected to price the week of March 30, 2026.
