(Bloomberg) — HMH Holding Inc., an oil field services joint venture between two sector giants, has selected banks for a planned US initial public offering, according to people familiar with the matter.
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JPMorgan Chase & Co., Piper Sandler Cos. and Evercore Inc. are underwriting on the Houston-based company’s IPO, the people said. A listing could take place as soon as late September, they said, asking not to be identified because the information isn’t public.
HMH is seeking a valuation including debt of about $1.5 billion and perhaps more, the people said. The company, a joint venture between Norway’s Akastor ASA and Baker Hughes Co., filed confidentially for an IPO, according to a June 3 statement.
Deliberations are ongoing, details such as the valuation and timing could change, and more banks could be added to the lineup, the people said. Representatives for JPM, Piper and Evercore declined to comment. A spokesperson for HMH didn’t immediately respond to requests for comment.
HMH manufactures products and systems for uses including onshore and offshore drilling, subsea and onshore mining and construction, and offers related services, its website shows.
Though HMH traces its history as far back as 1895, the modern company was formed in 2021 via the merger of Baker Hughes’ Subsea and Surface Drilling Systems business and Akastor’s MHWirth AS subsidiary, according to the site.
HMH reported a net profit of $10.7 million on $785.6 million in revenue in 2023, versus a net loss of $31.9 million on $677.3 million of revenue the previous year, according to its annual report. The company had about 2,000 employees globally and a presence in 16 countries, according to the report dated April 30.
–With assistance from Ryan Gould and Joe Ryan.
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