HMH Holding Inc. announced that it has priced its initial public offering at $20 per share for 10.52 million shares of Class A common stock, a move the Houston-based drilling equipment and services company disclosed on March 31. The scheduled sale is designed to generate approximately $210.4 million in gross proceeds.
The underwriting group holds a 30-day overallotment option allowing purchase of up to an additional 1.58 million shares at the same IPO price, net of underwriting discounts and commissions. If the underwriters exercise that option in full, the offering could increase total gross proceeds to roughly $242 million.
HMH plans for its Class A shares to begin trading on the Nasdaq Global Select Market under the ticker symbol "HMH" on April 1. The offering is expected to formally close on April 2, contingent on the satisfaction of customary closing conditions.
Underwriting and book-running
J.P. Morgan, Piper Sandler and Evercore ISI are listed as joint lead book-running managers for the transaction. Citigroup and DNB Carnegie are acting as joint book-running managers, while Stifel, Nordea and Pickering Energy Partners are named as co-managers.
Business description
HMH provides drilling equipment, services and systems for oil and gas operations across both offshore and onshore settings. The company also delivers aftermarket services and is pursuing expansion into adjacent sectors, including mining.
The Securities and Exchange Commission declared the registration statement for the securities effective on March 31, according to the company's announcement.
Contextual note - The offering's mechanics and timeline are laid out in the company's filing and press materials; closing remains subject to the usual conditions that accompany public offerings.