Taking advantage of the oil price breaking $100 per barrel, oil drilling solution provider HMH (HMH.US) is aiming for a US stock IPO, planning to raise $216 million.

Drilling equipment and services supplier HMH Holding (HMH.US) announced the terms for its initial public offering (IPO) on Monday. The company, headquartered in Houston, Texas, plans to issue 10.5 million shares of stock at a price range of $19 to $22 per share, aiming to raise $216 million. HMH Holding submitted its IPO application to the U.S. in August 2024; the IPO launch coincides with a significant increase in oil prices following the outbreak of conflict in Iran. As of the time of writing, Brent crude oil prices are hovering around $102 per barrel, with an increase of around 70% since the beginning of the year. HMH's listed parent company Baker Hughes (BKR.US) and Akastor have seen their stock prices rise by over 30% since the beginning of the year. HMH is a leading equipment supplier in the oil and gas industry, specializing in offshore operations, product sales, and after-sales services. The company has a global presence with branches in 16 countries and sells its products to over 60 countries. Its core customers include drilling contractors, oil and gas operators, mining companies, and equipment manufacturers. HMH operates on a light asset business model, allowing for business growth and expansion with low incremental investment, while also expanding into related areas such as underwater mining. HMH Holding was founded in 2021 and achieved revenue of $822 million for the 12 months ending on December 31, 2025. The company plans to list on Nasdaq under the ticker symbol HMH. J.P. Morgan, Piper Sandler, Evercore ISI, Citi, and DNB Markets are serving as joint bookrunners for the transaction, with the expected pricing date set for the week of March 30, 2026.