HMH Holding, backed by Baker Hughes, seeks $948 Million valuation in US IPO

HMH Holding, an oil and gas equipment manufacturer, said it aimed to raise up to $948m in its initial public offering in the United States. The company entered the market at a time when the price of crude was surging.

The company aims at raising $231 million through the IPO. It will sell 10.5 million shares between $19 to $22 each.

Bankers and analysts claim that despite the increased volatility in the market, capital markets remain open for oil and gas companies.

Since the Iran War began, several energy companies have taken advantage of equity and debt capital markets to take advantage of the rise in oil prices.

The market is highly price sensitive. The IPO market, with the exception of companies in the energy and defense sectors, is a "buyers market" right now. Companies are being closely scrutinized for their initial pricing," stated IPOX CEO Josef Schuster.

Houston-based HMH offers drilling equipment, aftermarket services, and subsea, onshore, and offshore mining. Hydril, VetcoGray, and Wirth are among its brands.

HMH was formed in 2021 when Baker Hughes and Akastor merged their offshore oil drilling units. The company will eventually go public.

HMH, whose main revenue comes from the sale of aftermarket parts and services, filed for an IPO publicly in August '2024, but has not yet listed.

The?company's?net income was $46.1 million, and its revenue $821.8 millions in 2025. This compares to $52 million, and $843.4million, respectively, one year earlier.

Wirth, a company that traces its roots back to 1895, has been producing equipment under the HMH brand for over 125 years.

HMH?has filed to list its shares?on Nasdaq Global Select Market?under "HMH".

J.P. Morgan is the lead bookrunner for the offering, followed by Piper Sandler. Evercore ISI was the second-placed bookrunner. Reporting by Arasu Kanagi Basil, Utkarsh shetti and Dharna bafna from Bengaluru. Editing by Shilpa Majumdar.

(source: Reuters)