HMH Holding, a provider of drilling equipment and services, raised $210 million by offering 10.5 million shares at $20, within the $19 to $22 range. At pricing, the company commands a market value of $862 million.
HMH calls itself a leading provider of highly engineered, mission-critical equipment solutions for the oil and gas industry, with a focus on offshore operations. 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.
The Houston, TX-based company will trade on the Nasdaq under the symbol HMH. J.P. Morgan, Piper Sandler, Evercore ISI, Citi, and DNB Markets acted as joint bookrunners on the deal.
