The IPO Buzz: Houston’s HMH Holding On Tap as Oil Tops $115 Per Barrel

HMH Holding (HMH Proposed), a Houston-based oil and gas drilling equipment and services provider, is set to price its IPO during this short holiday week with oil just above $115  per barrel as the war in Iran grinds into its second month. The Texas oilfield supplier’s IPO is the only one with a firm pricing date during this four-day week that includes the start of Passover – at sunset on Wednesday, April 1st. The U.S. stock market will be closed for Good Friday on April 3rd – ahead of Easter Sunday, April 5th.  

A big SPAC IPO and a couple of small deals – one IPO and one uplisting – are on the IPO Calendar with “the week of March 30” as the potential timing. This may indicate that the pricing dates for these deals may be pending final regulatory approval.

HMH Holding (HMH Proposed) is offering 10.52 million shares at a price range of $19.00 to $22.00 to raise $215.66 million, if priced at the $20.50 mid-point of its range. The company would have a market cap of $883.51 million – if priced at the mid-point.

Founded in 2021, the company provides drilling equipment, aftermarket support and services  to oil and gas producers. About 75  percent of its installed base of equipment serves the offshore drilling market, the prospectus said.

“We are a global company, with locations in 15 countries and sales in over 80 countries in 2025,” HMH Holding (HMH Proposed) said in the prospectus.

In addition to its corporate headquarters in Houston, HMH Holding has two major operational centers located close to key offshore areas in Houston, Texas, and Kristiansand, Norway, the prospectus said.

Baker Hughes and Akastor are the owners of HMH Holding, with each owning a 50 percent stake in the company before the IPO, according to the prospectus.

The company is profitable. HMH Holding (HMH Proposed) reported net income of $46.1 million on revenue of $821.8 million for the 12 months that ended Dec. 31, 2025.

(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on the IPOScoop.com website.)

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