HMH Holding Inc filed for a US IPO — the Houston-based offshore drilling equipment provider behind Hydril, VetcoGray and Wirth. The deal raised ~$210.4M selling ~10.5M shares at $20, within range, imp

The financial engine here is aftermarket: roughly 76% of 2023 revenue came from services and spare parts, not new equipment. That recurring mix spans 16 countries with sales in over 60, and HMH is pushing into adjacent areas like subsea mining. Proceeds are earmarked: $40.5M cash to buy shares from Baker Hughes and Akastor as part of the reorganization, plus $137.1M from HMH B.V. to repay shareholder loans owed to those same parents. Biggest risk is the demand cycle. Revenue leans heavily on oil and gas E&P companies, and offshore drilling capex swings with crude prices, OPEC moves and geopolitics — all outside HMH's control. Bottom line: a 50/50 Baker Hughes–Akastor venture with a sticky aftermarket base, but the stock slipped ~5.5% on debut to ~$815M — pricing into Middle East tensions that lifted crude. Cyclical exposure, J.P. Morgan and Piper Sandler leading the book.

The financial engine here is aftermarket: roughly 76% of 2023 revenue came from services and spare parts, not new equipment. That recurring mix spans 16 countries with sales in over 60, and HMH is pus