Singapore-based OMS Energy Technologies, Inc. (OMSE), an oilfield equipment supplier, downsized its small IPO at pricing on Monday night by cutting the number of shares by about a third. OMS Energy Technologies reduced its IPO’s size at pricing to 3.7 million shares – down from 5.56 million shares in the prospectus – and priced the IPO at $9.00 – the mid-point of its $8.00-to-$10.00 price range – to raise $33.3 million on Monday night, May 12, 2025.
OMS Energy Technologies’ stock fell $1.00 from its IPO price to open at $8.00 at 11:12 a.m. EDT today – Tuesday, May 13, 2025 – on NASDAQ volume of 150,224 shares, according to NASDAQ. At the closing bell, OMS Energy Technologies’ stock was at $7.51 – down $1.49 or 16.56 percent from its $9.00 IPO price – on volume of 1,847,774 shares.
Roth Capital Partners served as the sole underwriter.
OMS Energy Technologies said in the prospectus that its largest client, Saudi Aramco, entered into a 10-year agreement with the company in January 2024 to ”purchase certain products from the Company which we believe has the potential for an estimated US$200 million/year (in) revenue over 10 years.”
Financial statements in the prospectus showed that OMS Energy Technologies, Inc. was profitable for the 12 months that ended March 31, 2024: Net income of $84.47 million on revenue of $181.45 million.
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