HMH Holding (HMHW. US), a drilling equipment and service provider, applies for a US IPO to raise $100 million

According to the Zhitong Finance APP, drilling equipment and service provider HMH Holding (HMHW. US) submitted an initial public offering (IPO) application to the US Securities and Exchange Commission on Monday, with plans to raise up to $100 million.
It is reported that HMH is a leading equipment supplier in the oil and gas industry, focusing on offshore operations through the sale of projects and products (accounting for 24% of 2023 revenue) and after-sales service (76%). The company operates globally with branches in 16 countries and sales in over 60 countries. The core customer categories served by the company include drilling contractors, operators (including oil and gas companies and mining companies), and manufacturers. HMH emphasizes its light asset business model, which allows for growth and scalability with low incremental investments. The company is still expanding into adjacent industries such as underwater mining.
This Houston, Texas based company was founded in 2021 and had a 12-month revenue of $813 million as of June 30, 2024. The company plans to list on NASDAQ under the stock code "HMHW". JPMorgan Chase Piper Sandler、Evercore ISI、 Citigroup, Stifel, and DNB Markets are the joint bookkeepers for this transaction. The company has not yet disclosed pricing terms.