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HMH Holding Inc. is a holding company whose sole material asset will be a 24.4% equity interest in HMH B.V., a leading provider of highly engineered, mission-critical equipment solutions for oil and gas drilling operations offshore and onshore, as well as adjacent industries like mining. HMH B.V., formed in October 2021 through the combination of Baker Hughes’s Subsea Drilling Systems and Akastor’s MHWirth businesses, offers drilling equipment packages, aftermarket services (46.7% of 2025 revenue), spare parts (27.3%), and digital solutions, with over 1,100 global installations, 75% offshore. For the year ended December 31, 2025, HMH B.V. reported revenue of $821.8 million (down 2.6% YoY), net income of $46.1 million (5.6% margin), and Adjusted EBITDA of $156.2 million (19.0% margin), with capex at 2.4% of revenue reflecting an asset-light model. Principal Stockholders Baker Hughes and Akastor own 75.6% voting power post-IPO via Class B shares. The company is pursuing an IPO of 10,520,000 Class A shares (midpoint $20.50, ~$215.7M gross, $198.7M net), using $40.5M to acquire HMH B.V. shares from Principal Stockholders and $137.1M to repay Shareholder Loans, with remainder for general purposes. Investment thesis centers on resilient aftermarket revenues from large installed base, exposure to offshore drilling recovery (Rystad forecasts 4% CAGR floaters 2025-2028), asset-light scalability, and growth in onshore/international markets amid rising global capex.
Offering Amount
$20.50B
Shares Offered
1,000,000,000
Price Range
$19.00 – $22.00
Shares Offered
10,520,000
Offering Amount
$198.7 million net proceeds
Price Range
$20.50 midpoint
Share Type
Class A common stock
Exchange
Nasdaq
Ticker
HMH
Use of Proceeds: $40.5M to purchase HMH B.V. voting shares from Principal Stockholders; remainder to HMH B.V. to repay $137.1M Shareholder Loans and general corporate purposes.
Leading provider of highly engineered, mission-critical equipment solutions for oil and gas drilling operations offshore and onshore, and adjacent industries like mining.