HMH Holding Inc. (HMH) saw its stock plummet 5.50% during intraday trading on Wednesday, marking a volatile start to its public market journey.
The decline followed the company's Nasdaq debut, where the stock was indicated to open significantly below its initial public offering price of $20 per share. Pre-market indications pointed to an opening price around $19 to $19.25, reflecting weaker-than-expected investor demand for the drilling equipment provider's shares.
The muted debut comes despite HMH successfully pricing its IPO at $20, within its marketed range of $19 to $22, and raising approximately $210 million. The company was formed through the combination of Baker Hughes and Akastor's offshore drilling equipment businesses in 2021.