HMH Holding raises more than $210 million through its US IPO

HMH Holding, an oil and?gas equipment manufacturer in the United States, raised more than $210 million on Tuesday after pricing its U.S. initial public offering within its range.

Houston-based HMH has sold approximately 10.5 million shares for $20 each, as opposed to its advertised price range of $19 - $22 per share, giving it an estimated $862 million valuation.

Experts in the industry have stated that despite increased volatility, capital markets are open, particularly for oil and?gas?issuers. This is due to the ongoing conflict in the Middle East.

Since the Iran 'war began, many energy companies have taken advantage of an increase in oil prices by turning to?equity & debt?markets.

HMH offers drilling equipment, aftermarket services and construction for subsea mining and onshore drilling. Hydril, VetcoGray?and Wirth are some of its brands.

In 2021, Baker Hughes and Akastor combined their offshore oil drilling equipment businesses with the goal of eventually taking it public.

Wirth, a company that traces its roots back to 1895, has been producing equipment since?more? than 125?years.

HMH will begin trading under the ticker "HMH" at the Nasdaq Global select Market on Wednesday.

J.P. Morgan, Piper Sandler, and Evercore ISI will be the joint book-running managers of the offering. (Reporting by Utkarsh Shetti in Bengaluru; Editing by Shreya Biswas)

(source: Reuters)