Capital markets remain open for the right sectors. Capitalizing on soaring crude prices and investor sentiment driven by the ongoing Middle East turmoil, oil and gas equipment maker HMH Holding is officially stepping into the U.S. IPO market.
💰 THE DEAL METRICS:
- The Raise: The company aims to raise $231 million by offering 10.5 million shares priced between $19 and $22 each.
- The Valuation: HMH is targeting a valuation of up to $948 million.
- The Syndicate: J.P. Morgan, Piper Sandler, and Evercore ISI are the joint lead book-running managers for the offering. The stock will list on the Nasdaq Global Select Market under the ticker “HMH”.
🛢️ THE BUSINESS & MACRO CATALYST:
- The Legacy: Formed in 2021 by combining the offshore oil drilling equipment units of Baker Hughes and Akastor, Houston-based HMH provides drilling equipment, aftermarket services, and construction solutions. While the holding name is new, its heritage brands (like Wirth, Hydril, and VetcoGray) have been manufacturing equipment for over 125 years, with Wirth tracing its origins back to 1895.
- The Financials: In 2025, HMH reported $821.8 million in revenue and $46.1 million in net income. This is slightly down from the $843.4 million in revenue and $52 million in net income reported a year earlier. Most of its revenue is generated from highly resilient aftermarket services and spare parts sales.
- The Timing: HMH originally filed publicly for an IPO in August 2024 but delayed its listing until now. According to IPOX CEO Josef Schuster, the broader IPO arena is currently a highly scrutinized “buyers market,” with defense and energy companies being the rare exceptions.
💡 THE BOTTOM LINE: Several energy companies have recently tapped the capital markets to capitalize on the surge in oil prices sparked by the Iran war. By waiting out the volatility, HMH is now perfectly positioned to offer investors pure-play exposure to global drilling and aftermarket services during a major structural energy shock.
👇 Energy & Capital Markets Professionals: Given the slight year-over-year dip in 2025 revenue and net income , will HMH’s 125-year legacy and the current macro energy tailwinds be enough to secure its target $22 top-end pricing?