US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

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.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

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.

US IPOs and Secondary Offerings

HMH Holding Inc. (HMH): Energy Tailwinds Not Enough, IPO Opens in the Red

HMH Holding Inc. (HMH): Six Months Public, Still Waiting for a Clear Breakout

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

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

Infinity Natural Resources (INR): Buyers Step In Marking Second Winning Energy IPO

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>HMH Holding offers a high-margin, aftermarket-driven business model with strong exposure to offshore drilling recovery trends.</li>
<li>Trades at ~5.9x–6.7x EV/EBITDA, a discount to peers despite ~19% margins and recurring revenue base supporting resilient profitability.</li>
<li>Investor sentiment mixed amid macro uncertainty and prolonged IPO timeline, though offshore recovery into 2026 supports long-term upside potential.</li>
</ul>


HMH Holding offers a high-margin, aftermarket-driven business model with strong exposure to offshore drilling recovery trends.
Trades at ~5.9x–6.7x EV/EBITDA, a discount to peers despite ~19% margins and recurring revenue base supporting resilient profitability.
Investor sentiment mixed amid macro uncertainty and prolonged IPO timeline, though offshore recovery into 2026 supports long-term upside potential.


HMH Holding Inc. (HMHW): A Levered IPO Bet on Offshore Recovery—With Caution