Houston’s HMH Holding (HMH Proposed) unveiled its IPO’s terms after the closing bell today (Monday, March 23, 2026) and launched the deal to price next week. HMH Holding is offering 10.52 million shares at a price range of $19.00 to $22.00 to raise $215.66 million, if the IPO is priced at the $20.50 mid-point of its range, according to the S-1/A filing dated March 23, 2026. At pricing, the company would have a market cap of $883.51 million.
J.P.Morgan, Piper Sandler, Evercore ISI and Citigroup are leading the joint book-runners’ team, which includes DNB Carnegie, Stifel, Nordea and Pickering Energy Partners.
The profitable company provides drilling equipment and services for offshore drilling for oil and natural gas, although it does serve onshore drilling operations as well, according to the prospectus.
Bankers expect to price HMH Holding’s IPO on Tuesday night, March 31, 2026, to trade Wednesday, April 1, on the NASDAQ.
HMH B.V. intends to use about $137.1 million of the IPO’s net proceeds to pay off its shareholder loans – about $110 million to be paid to Baker Hughes and $27.1 million to be paid to Akastor – to repay all outstanding principal and accrued and unpaid interest, according to the prospectus.
The company is in the black. HMH Holding reported net income of $46.1 million on revenue of $821.8 million for the 12 months that ended Dec. 31, 2025, according to financial statements in the prospectus.