Drilling equipment and services provider HMH Holding Inc. announced the terms for its initial public offering on Monday. The Houston, Texas-based company plans to issue 10.5 million shares within a price range of $19 to $22 per share, aiming to raise $216 million. HMH Holding initially filed for a U.S. IPO in August 2024; the launch coincides with a significant surge in oil prices following the outbreak of conflict in Iran. At the time of writing, Brent crude oil was trading near $102 per barrel, representing an approximate 70% increase year-to-date. HMH's publicly traded parent company, Baker Hughes, and Akastor have both seen their stock prices rise over 30% so far this year. HMH is a leading equipment supplier to the oil and gas industry, focusing on offshore operations, product sales, and after-sales support services. The company operates globally with branches in 16 countries and sells its products in over 60 countries. Its core clientele includes drilling contractors, oil and gas and mining operators, and equipment manufacturers. HMH employs a capital-light business model, enabling growth and scaling with low incremental investment, while also expanding into related sectors such as subsea mining. Established in 2021, HMH Holding reported revenue of $822 million for the 12 months ending December 31, 2025. The company intends to list on the Nasdaq under the ticker symbol "HMH." J.P. Morgan, Piper Sandler, Evercore ISI, Citi, and DNB Markets are acting as joint book-running managers for the offering, with the final offering price expected to be set during the week of March 30, 2026.