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 hold 50% each of the company's shares.
Sources said JPMorgan, Piper Sandler Cos. and Evercore Inc. will be the IPO underwriters for the company, which could debut as early as the end of September.
HMH was formed in 2021 by the merger of Baker Hughes' subsea and drilling systems business with Akastor's subsidiary MHWirth AS. Sources say HMH has secretly filed for an IPO seeking a valuation of around $1.5 billion (including debt).
According to HMH's annual report, the company's net income for 2023 is $10.7 million, with revenue of $785.6 million, compared to a net loss of $31.9 million and $677.3 million in revenue the previous year.