By Arasu Kannagi Basil
March 23 (Reuters) - Oil and gas equipment maker HMH Holding said on Monday it was targeting a valuation of up to $948 million in its initial public offering in the U.S., stepping into the market at a time when soaring crude prices shape investor sentiment.
The company aims to raise $231 million in the IPO by selling 10.5 million shares at a price ranging between $19 and $22 apiece.
Despite heightened market volatility amid the ongoing Middle East turmoil, bankers and analysts
say capital markets remain open, particularly for oil and gas issuers.
Several energy companies have tapped equity and debt capital markets since the Iran war began, aiming to capitalize on the surge in oil prices.
"The market is extremely price-sensitive. Except for companies in the defense and energy sector, the IPO market is a buyers market right now with firms facing high initial pricing scrutiny," said IPOX CEO Josef Schuster.
Houston, Texas-based HMH provides drilling equipment and aftermarket services for offshore and onshore drilling, subsea and onshore mining, and construction. Its brands include Hydril, VetcoGray and Wirth.
Baker Hughes and Akastor combined their offshore oil drilling equipment units to create HMH in 2021, with a view to eventually take the company public.
HMH, which generates most of its revenue from aftermarket services and spare parts sales, had filed publicly for an IPO in August 2024 but did not move ahead with its listing until now.
The company reported a net income of $46.1 million and revenue of $821.8 million in 2025, compared with $52 million and $843.4 million, respectively, a year earlier.
Although the HMH name is relatively new, its product lines have been manufacturing equipment for more than 125 years, with Wirth tracing its origins to 1895.
HMH has applied to list its shares on the Nasdaq Global Select Market under the ticker "HMH".
J.P. Morgan, Piper Sandler and Evercore ISI are the joint lead book-running managers for the offering.
(Reporting by Arasu Kannagi Basil, Utkarsh Shetti and Dharna Bafna in Bengaluru; Editing by Shilpi Majumdar)
