HMH Holding, a provider of drilling equipment and services, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
The company is owned by Baker Hughes and Oslo-listed Akastor.
HMH is a leading equipment provider for the oil and gas industry, with a focus on offshore operations through sales of projects and products (24% of 2023 revenue), and aftermarket services (76%). 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 was founded in 2021 and booked $813 million in revenue for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol HMHW. J.P. Morgan, Piper Sandler, Evercore ISI, Citi, and DNB Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
