Houston-based HMH Holding (HMH) priced its IPO at $20.00 – just below the mid-point of its $19.00-to-$22.00 range – and sold 10.52 million shares – the number in the prospectus – to raise $210.4 million on Tuesday night, March 31, 2026. HMH Holding’s stock slipped in its NASDAQ debut on Wednesday, April 1, 2026 – opening at $18.90, down $1.10 from its $20.00 IPO price. HMH Holding regained some ground to trade at $19.11 in the early afternoon on volume of about 2.84 million shares. At the closing bell, HMH Holding’s stock was at $19.28, down 72 cents from its $20.00 IPO price, on volume of 4,271,219 on Wednesday, April 1, 2026, its first day of NASDAQ trading.
At pricing, HMH Holding had a market cap of $862 million.
J.P. Morgan, Piper Sandler, Evercore ISI and Citigroup led the joint book-runners’ team.
The profitable company, founded in 2021, provides drilling equipment and services to oil and gas producers.
About 75 percent of its installed equipment serves the offshore drilling market, the prospectus said.
HMH Holding had a presence in 15 countries and sales in over 80 countries in 2025.
Baker Hughes and Akastor are the owners of HMH Holding, with each holding a 50 percent stake in the company before the IPO, according to the prospectus.
After the IPO, Baker Hughes and Akastor will own a combined share of 75.6 percent of the stock – down from 100 percent before the deal.
HMH Holding is profitable: It 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 Calendarand the individual IPO Profile found on the IPOScoop.com website.)
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