HMH Holding

HMH Holding is an oilfield services company that supplies advanced drilling equipment and service solutions for both offshore and onshore oil and gas operations. The company is backed by two major strategic shareholders – Baker Hughes and Akastor – each holding an equal 50% stake.

HMH was established on October 1, 2021, through the combination of Baker Hughes' Subsea and Surface Drilling Systems business and Akastor's subsidiary MHWirth. While the brand is relatively new, the underlying assets and engineering expertise span decades. The company is headquartered in Houston, Texas.

HMH plans to raise up to $231 million through its Nasdaq IPO at a valuation of up to approximately $948 million, with shares priced between $19 and $22. The underwriters include J.P. Morgan, Piper Sandler, Evercore ISI, Citi, and DNB Markets.

A significant portion of revenue comes from aftermarket services, maintenance, and long-term contracts tied to the company's installed equipment base. This model delivers a more stable and predictable revenue stream compared to companies that rely primarily on one-time equipment sales.

With oil prices remaining elevated, sustained global demand for energy, and renewed investor interest in the industrial sector, HMH stands out as one of the most notable energy IPOs of spring 2026.

HMH Holding is listing on Nasdaq under the ticker HMH, with shares priced between $19 and $22, aiming to raise up to $231 million by offering approximately 10.5 million shares. The underwriters are J.P. Morgan, Piper Sandler, Evercore ISI, Citi, and DNB Markets.

A significant portion of revenue comes from aftermarket services, maintenance, and long-term contracts tied to the company's installed equipment base. This model provides a more stable and predictable cash flow. HMH competes with NOV, Nabors, and other major drilling equipment providers, underscoring the scale and maturity of the sector.

Application deadline – March 31, 18:00 (UAE).

• Ownership: HMH was established on October 1, 2021, through the combination of Baker Hughes' Subsea and Surface Drilling Systems business and Akastor's subsidiary MHWirth. Prior to the IPO, both strategic shareholders hold the company in equal 50/50 stakes. CEO – Eirik Bergsvik, with over 35 years of experience in the oilfield services industry and former head of MHWirth. Chairman of the Board – Merrill A. Miller, Jr.

• Business model: the bulk of revenue comes from aftermarket services, spare parts, and long-term service contracts tied to the installed equipment base. The company is also expanding into adjacent sectors, including subsea mining and the mining industry.

• Financials: 2025 revenue – $821.8 million, net income – $46.1 million. For comparison, 2024 figures were $843.4 million in revenue and $52 million in net income. The company is consistently profitable.

• Scale: approximately 2,000 employees, global presence across offshore and onshore segments, with manufacturing and service centers in multiple countries.

• Risks: year-over-year decline in revenue and profit (2025 vs 2024); dependence on oil prices and drilling activity; concentrated ownership structure (Baker Hughes and Akastor retain control post-IPO); competition with NOV, Nabors, and other major equipment providers.

• IPO purpose: repayment of shareholder loans (approximately $137 million, of which ~$110 million to Baker Hughes and ~$27 million to Akastor), as well as general corporate purposes and business development.

HMH was born out of the oil and gas industry's need for reliable, precision-engineered equipment capable of operating in demanding environments – from deepwater platforms and arctic zones to onshore fields. The company was established on October 1, 2021, in Houston, Texas, through the combination of two strong industrial businesses: Baker Hughes' Subsea and Surface Drilling Systems division and MHWirth, a subsidiary of Norway-based Akastor.

Despite the relatively young brand, HMH is built on decades of engineering expertise. MHWirth is one of Europe's longest-standing manufacturers of drilling equipment, while Baker Hughes is a global leader in oilfield services technology. Bringing these assets together created a full-cycle company – from equipment design and manufacturing to aftermarket services and long-term support for an installed base worldwide.

A defining feature of HMH's business model is its focus on aftermarket services. A significant share of revenue comes from service contracts, spare parts, and technical support rather than one-time equipment sales. This delivers a more stable and predictable cash flow – particularly valuable in the cyclical oil and gas industry.

The company is also expanding into adjacent markets, including subsea mining and the broader mining sector, extending its addressable market beyond traditional drilling.

Today, HMH operates with a team of approximately 2,000 employees, generates $821.8 million in annual revenue, and maintains consistent profitability (net income of $46.1 million in 2025). The company is listing on Nasdaq at a valuation of up to approximately $948 million, amid elevated oil prices and renewed investor interest in the energy sector.

HMH is an example of how combining industrial assets with deep historical roots, a service-driven business model, and the backing of strong strategic shareholders can create a resilient business in one of the most critical sectors of the global economy.

1. What is an IPO?

An IPO (Initial Public Offering) is when a private company lists its shares on a stock exchange for the first time to raise capital from investors. From that point onward, the company’s shares can be freely bought and sold on the open market.

2. Where are IPOs conducted?

IPOs take place on the world’s largest stock exchanges. In the U.S., the primary venues are the NYSE (New York Stock Exchange) and NASDAQ. Once a company goes public, its shares are freely traded on these exchanges, and the market price is established after the offering.

3. What is allocation?

Allocation (from “allocation” – distribution) refers to the process of distributing resources, assets, or capital for maximum efficiency. In investing, allocation usually means distributing the available amount of shares among investors in an IPO or private placement.

4. How much allocation does an investor receive?

The allocation size is determined by the terms of each specific offering and typically ranges from 2% to 30% of the submitted application amount. In some cases, the allocation may reach 100%. In rare instances, no allocation may be granted – in that case, the full amount of the application is returned to the investor’s account and becomes available for reinvestment or withdrawal. Information on the actual allocation volume is usually provided about one day before the IPO, approximately six hours prior to the transaction.

Example — Bullish IPO (Aug 13, 2025):
An investor placed an order for $10,000. The allocation was 29.6%, meaning $2,960 was invested in the IPO. The remaining $7,040, including the purchase commission, was refunded to the balance and became available for withdrawal.

Klarna IPO (Sept 10, 2025):
An investor placed an order for $10,000. The allocation was 14%, meaning $1,400 was invested in the IPO. The remaining $8,600, including the purchase commission, was refunded to the balance and became available for withdrawal.

Figure IPO (Sept 11, 2025):
An investor placed an order for $10,000. The allocation was 16%, meaning $1,600 was invested in the IPO. The remaining $8,400, including the purchase commission, was refunded to the balance and became available for withdrawal.

Gemini IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 29%, meaning $2,900 was invested in the IPO. The remaining $7,100, including the purchase commission, was refunded to the balance and became available for withdrawal.

Legence IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 78%, meaning $7,800 was invested in the IPO. The remaining $2,200, including the purchase commission, was refunded to the balance and became available for withdrawal.

Black Rock Coffee Bar IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 68%, meaning $6,800 was invested in the IPO. The remaining $3,200, including the purchase commission, was refunded to the balance and became available for withdrawal.

5. Why do companies go public?

To raise growth capital, increase brand visibility, and provide early investors and employees with an opportunity to sell part of their shares.

6. How is participating in an IPO different from buying shares on the exchange?

When you participate in an IPO, you buy shares before they start trading publicly. This provides an opportunity to purchase at the fixed offering price but also carries the risk that the price may drop once trading begins.

7. What do I get by participating in an IPO through Regolith?

You become an investor in the company at the IPO stage via our U.S. partner infrastructure. After the transaction is completed and the lock-up period expires, profits from the share sale are distributed among investors proportionally to their stake in the deal.

8. What is a lock-up period and how long does it last?

A lock-up period is a timeframe set by the issuer and underwriters during which shares cannot be sold. For IPOs offered through our platform, this period is 93 days. Once it ends, the shares are sold on the exchange and proceeds are distributed among investors.

9. How is participating through the platform different from buying shares independently?

To buy independently, you would need access to a U.S. broker, a significant investment amount, and approval from underwriters. The platform pools capital from investors, providing access to IPOs that are otherwise unavailable to most individuals.

10. Through whom is IPO participation carried out?

We operate through a U.S.-based structure that works with a licensed broker in the U.S. Our partner selects promising IPOs and participates in the offering under its own name.

11. How is the deal structured legally?

An investor signs an agreement/offer to participate in the investment product. Regolith then transfers funds to its partner entity – Wealthy Labs Limited (the provider), which enters into a forward contract with the broker and executes all operational activities. The provider delivers the financial outcome to Regolith, which then distributes proceeds among investors.

12. Is there a minimum investment amount?

Yes. Each IPO has a defined minimum entry threshold, shown on the offering page. On average, Regolith provides access starting from $500.

13. Do I receive shares into my personal brokerage account?

No. Shares are purchased and held in the partner’s brokerage account. After the lock-up period, the broker sells the shares and transfers proceeds for distribution among investors.

14. Can shares be transferred directly to my brokerage account?

No. Participation is structured via a forward contract with the partner’s brokerage infrastructure. The deal is executed on behalf of the partner, and settlements with investors are carried out through the platform.

15. How can I sell my shares after the IPO?

Sales are processed automatically: once the lock-up expires, the partner broker sells the shares on the exchange, and proceeds are distributed proportionally among investors.

16. What are the risks of investing in IPOs?

IPOs are high-risk investments. While they may offer high returns, they also carry significant volatility. Share prices on the first trading day – and after the lock-up – can fluctuate sharply. There is a risk that the market price will fall below the offering price. In addition, macroeconomic and sector-specific factors can affect outcomes.

17. Can I know in advance how much I will earn?

IPO returns are not guaranteed. The final result depends on the share price at the time of sale after the lock-up, overall market conditions, and the company’s performance.

18. How can I verify that Regolith participates in IPOs?

We publish all available deal information in the client dashboard. Additionally, we provide an agreement disclosing the infrastructure used for transactions. Broker and partner documents are not shared, as they contain confidential data protected by contractual obligations.