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Equity Bottom-Up

<ul><li>HMH Holding Inc. has filed to go public on the Nasdaq Global Select Market under the ticker HMH, offering 10.52 million shares of Class A common stock at an indicated price range of $19.00 to $22.00 per share, implying gross proceeds of approximately $216 million and an estimated market capitalization of approximately $880–$900 million at the midpoint ($20.50) .</li><li>The offering is being led by <strong>J.P. Morgan, Piper Sandler, and Evercore ISI, with Citigroup, DNB Carnegie, Stifel, and Nordea </strong>also participating.</li><li>HMH enters the public markets as a differentiated provider of mission-critical drilling equipment, services, and systems, with a business model centered around a large installed base and recurring aftermarket revenue.</li></ul>

HMH Holding Inc. has filed to go public on the Nasdaq Global Select Market under the ticker HMH, offering 10.52 million shares of Class A common stock at an indicated price range of $19.00 to $22.00 per share, implying gross proceeds of approximately $216 million and an estimated market capitalization of approximately $880–$900 million at the midpoint ($20.50) .The offering is being led by J.P. Morgan, Piper Sandler, and Evercore ISI, with Citigroup, DNB Carnegie, Stifel, and Nordea also participating.HMH enters the public markets as a differentiated provider of mission-critical drilling equipment, services, and systems, with a business model centered around a large installed base and recurring aftermarket revenue.

HMH Holding (HMH) Targets Nasdaq IPO as Offshore Drilling Cycle Reaccelerates

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

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In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>HMH Holding targets up to $948m valuation, offering 10.52mm shares at $19–$22, with IPO debut scheduled for April 1.</li>
<li>~$199m net proceeds to fund shareholder buybacks from Baker Hughes and Akastor and repay loans via HMH B.V.</li>
<li>Asset-Light model with 19% EBITDA margins, but prolonged IPO timeline may drive investor caution despite supportive ~$100 oil pricing backdrop.</li>
</ul>


HMH Holding targets up to $948m valuation, offering 10.52mm shares at $19–$22, with IPO debut scheduled for April 1.
~$199m net proceeds to fund shareholder buybacks from Baker Hughes and Akastor and repay loans via HMH B.V.
Asset-Light model with 19% EBITDA margins, but prolonged IPO timeline may drive investor caution despite supportive ~$100 oil pricing backdrop.


HMH Holding Inc. (HMHW): Drilling and Service Provider Sets Terms After Lengthy Time in IPO Pipeline

<ul>
<li>Drilling equipment and service provider updated the terms for its IPO in late January. </li>
<li>They had total revenue of $577.2 million and $614.8 million and net income of $10.2 million and $44.9 million in the first three quarters of 2023 and 2024, respectively.</li>
<li>The Houston based company would be following three previous energy IPOs: Flowco Holdings (FLOC US) , Venture Global LNG (VG US) and Infinity Natural Resources (INR US)</li>
</ul>


Drilling equipment and service provider updated the terms for its IPO in late January. 
They had total revenue of $577.2 million and $614.8 million and net income of $10.2 million and $44.9 million in the first three quarters of 2023 and 2024, respectively.
The Houston based company would be following three previous energy IPOs: Flowco Holdings (FLOC US) , Venture Global LNG (VG US) and Infinity Natural Resources (INR US)


HMH Holding Inc. (HMHW): Drilling and Service Provider on Deck for IPO in Near Future

United States

HMH Holding Inc. operates as a holding company. The Company, through its subsidiaries, specializes in providing drilling equipment, services, and systems utilized in oil and gas drilling operations, both offshore and onshore. HMH Holding serves customers worldwide.

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HMH Holding (HMH US)

HMH Holding (HMH) Targets Nasdaq IPO as Offshore Drilling Cycle Reaccelerates

HMH Holding Inc. has filed to go public on the Nasdaq Global Select Market under the ticker HMH, offering 10.52 million shares of Class A common...

IPO Prophet

HMH Holding Inc. (HMHW): Drilling and Service Provider Sets Terms After Lengthy Time in IPO Pipeline

HMH Holding plans IPO debut with $948m valuation, aiming to fund buybacks and repay loans, but cautious investor sentiment due to prolonged timeline.

IPO Boutique

HMH Holding Inc. (HMHW): Drilling and Service Provider on Deck for IPO in Near Future

Drilling equipment provider updates paperwork with the SEC show. HMH Holding could potentially be the fourth energy IPO of the year.

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HMH Holding (HMH) Targets Nasdaq IPO as Offshore Drilling Cycle Reaccelerates

HMH Holding Inc. has filed to go public on the Nasdaq Global Select Market under the ticker HMH, offering 10.52 million shares of Class A common...

IPO Prophet

HMH Holding Inc. (HMHW): Drilling and Service Provider Sets Terms After Lengthy Time in IPO Pipeline

​HMH Holding plans IPO debut with $948m valuation, aiming to fund buybacks and repay loans, but cautious investor sentiment due to prolonged timeline.

IPO Boutique

HMH Holding Inc. (HMHW): Drilling and Service Provider on Deck for IPO in Near Future

​Drilling equipment provider updates paperwork with the SEC show. HMH Holding could potentially be the fourth energy IPO of the year.

IPO Boutique

HMH Holding plans IPO debut with $948m valuation, aiming to fund buybacks and repay loans, but cautious investor sentiment due to prolonged timeline.

Drilling equipment provider updates paperwork with the SEC show. HMH Holding could potentially be the fourth energy IPO of the year.