Drilling equipment and service provider HMH Holding (HMHW.US) applies for listing in the United States, aiming to raise 100 million US dollars.

Drilling equipment and service provider HMH Holding (HMHW.US) submitted its initial public offering (IPO) application to the U.S. Securities and Exchange Commission on Monday, with plans to raise up to $100 million. HMH is a leading equipment supplier in the oil and gas industry, focusing on offshore operations through the sale of projects and products (24% of revenue in 2023) and after-sales services (76%). The company operates globally, with presence in 16 countries and sales in over 60 countries. 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 scalability with low incremental investment. The company is also expanding into adjacent industries such as deep-sea mining. Founded in 2021 and headquartered in Houston, Texas, the company had revenue of $813 million in the 12 months ending on June 30, 2024. The company plans to list on the Nasdaq with the stock symbol "HMHW." J.P. Morgan, Piper Sandler, Evercore ISI, Citigroup, Stifel, and DNB Markets are the joint bookrunners for the transaction. The company has not disclosed pricing terms yet.