Company Overview - HMH Holding, an oil and gas equipment maker, raised over $210 million in its U.S. initial public offering (IPO) by pricing its shares at $20 each, within the marketed range of $19 to $22 [1][2] - The company has a valuation of approximately $862 million following the IPO [2] - HMH was formed in 2021 through the merger of Baker Hughes and Akastor's offshore oil drilling equipment businesses [3] Product and Market Position - HMH provides drilling equipment and aftermarket services for both offshore and onshore drilling, subsea and onshore mining, as well as construction [3] - The company’s product lines have a manufacturing history of over 125 years, with its Wirth brand dating back to 1895 [4] Market Context - The IPO comes amid heightened volatility in capital markets, particularly for oil and gas issuers, due to ongoing geopolitical tensions and rising crude prices [2][3] - Several energy companies have been leveraging equity and debt markets to capitalize on the surge in oil prices since the onset of the Iran war [3] Trading Information - HMH is set to begin trading on the Nasdaq Global Select Market under the ticker "HMH" [4] - J.P. Morgan, Piper Sandler, and Evercore ISI are the joint lead book-running managers for the offering [4]
HMH Holding raises over $210 million in US IPO