Finance
Baker Hughes-Backed Hmh Valued at $815 Million as Shares Fall in Nasdaq Debut
Published by Global Banking & Finance Review®
Posted on April 1, 2026
2 min readLast updated: April 1, 2026
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Quick Summary
HMH Holding, backed by Baker Hughes and Akastor, debuted on the Nasdaq on April 1, 2026, with shares down 5.5%, valuing the drilling equipment provider at about $815 million; the IPO raised approximately $210 million at $20 per share.
Baker Hughes-backed drilling equipment firm HMH valued at $815 million amid market jitters
HMH's Nasdaq Debut and Market Context
By Pragyan Kalita and Arasu Kannagi Basil
April 1 (Reuters) - Drilling equipment provider HMH Holding <HMH.O> was valued at $815 million after shares fell 5.5% in its Nasdaq debut on Wednesday, amid fragile market sentiment and persistent geopolitical uncertainty.
Background and Ownership Structure
The Houston, Texas-based company, a joint venture between oilfield services firm Baker Hughes and Norway's Akastor, pushed ahead with its long-sought New York listing even as the ongoing Middle East conflict buoyed oil prices.
Oil Prices and Market Volatility
Brent crude futures have soared 67% this year but were down 1.9% on Wednesday.
Expert Commentary on IPO Timing
"Listing right now could help because investors are paying closer attention to energy-linked names, but it also carries a risk because the Middle East conflict has made markets more volatile and can make new listings harder to price," said IPOX Research Associate Lukas Muehlbauer.
IPO Details and Financials
The company's stock opened at $18.90, below the $20 offer price. HMH raised $210.4 million by selling 10.5 million shares within the marketed range of $19 to $22 each.
Formation and IPO Preparation
Baker Hughes and Akastor combined their offshore oil drilling equipment units to create HMH in 2021. HMH's IPO was initially expected in the second half of 2024, but the firm remained on the sidelines until now, waiting for the opportune moment.
"HMH spent 2024 and 2025 getting the company ready for an IPO while the issuance window was still weak. The current timing reflects both better internal readiness and a market backdrop where higher oil prices have made energy-related stories more appealing, even as the wider market remains nervous," Muehlbauer said.
Business Operations and Industry Position
HMH provides drilling equipment and aftermarket services for offshore and onshore oil and gas drilling operations. Its brands include Hydril, VetcoGray, Wirth and Maritime Hydraulics.
Industry Challenges
Oilfield services firms navigated a challenging market through 2025 as deferred tendering and contract delays continued to affect rig activity.
Peers and Backlog
HMH joins a select group of publicly traded oilfield services companies, including NOV and SLB. It had a contract backlog of $329.3 million as of December 31.
(Reporting by Pragyan Kalita and Arasu Kannagi Basil in Bengaluru; Editing by Tasim Zahid)
Key Takeaways
- •HMH priced its IPO at $20, raising roughly $210 million and granting underwriters a 30-day option to buy more, matching mid‑range expectations and implying a valuation near $815 million given the share drop (trustfinance.com).
- •Prior to the listing, HMH was jointly owned 50/50 by Baker Hughes and Akastor, combining their subsea and surface drilling systems businesses; in 2025, the company posted $821.8 million in revenue and $46.1 million in net income (whbl.com).
- •The IPO follows a planned valuation up to $948 million and reflects investor interest buoyed by strong crude prices, though market volatility likely contributed to the modest share decline at debut (whbl.com).
References
Frequently Asked Questions about Baker Hughes-backed HMH valued at $815 million as shares fall in Nasdaq debut
1What is the initial valuation of HMH after its Nasdaq debut?
HMH was valued at $815 million following its Nasdaq debut.
2How did HMH shares perform on their first day of trading?
HMH shares fell by 5.5% in their Nasdaq debut.
3Which company backs HMH?
HMH is backed by Baker Hughes.
4What industry is HMH involved in?
HMH is a provider of drilling equipment.
