Oilfield service company HMH has submitted an IPO application for US stocks, seeking a valuation of $1.5 billion
According to sources, the oilfield service joint venture HMH Holding Inc. has selected investment banks for its planned initial public offering (IPO) in the United States. Norway's Akastor ASA and Baker Hughes currently each hold 50% of the company's shares. Sources say that JPMorgan, Piper Sandler Cos., and Evercore Inc. are the company's IPO underwriters, and the company could go public as early as the end of September. HMH was formed in 2021 through the merger of Baker Hughes' subsea and surface drilling systems business with Akastor's subsidiary MHWirth AS. Sources reveal that HMH has confidentially filed for an IPO, seeking a valuation of around $1.5 billion (including debt). According to HMH's annual report, the company had a net profit of $10.7 million and revenue of $785.6 million in 2023, compared to a net loss of $31.9 million and revenue of $677.3 million in the previous year
According to information obtained by Zhitong Finance and Economics APP, it has been revealed by insiders that the oilfield service joint venture company HMH Holding Inc. has selected investment banks for its planned initial public offering (IPO) in the United States. Norway's Akastor ASA and Baker Hughes currently each hold 50% of the company's shares.
Insiders stated that JPMorgan, Piper Sandler Cos., and Evercore Inc. are the company's IPO underwriters, and the company could potentially go public as early as the end of September.
HMH was formed in 2021 through the merger of Baker Hughes' subsea and surface drilling systems business with Akastor's subsidiary MHWirth AS. Insiders revealed that HMH has secretly submitted an IPO application, seeking a valuation of around $1.5 billion (including debt).
According to HMH's annual report, the company's net profit for 2023 is $10.7 million, with revenue of $785.6 million, compared to a net loss of $31.9 million and revenue of $677.3 million in the previous year