HMH Holding raises over $210 million in US IPO

March 31 (Reuters) - Oil and gas equipment maker HMH Holding on Tuesday raised over $210 million after pricing its U.S. initial public offering within its indicated range, tapping the listings market just as geopolitical tensions lead to soaring crude prices.

Houston, Texas-based HMH sold about 10.5 million shares at $20 apiece, compared with its marketed price range of $19 to $22 per share, giving it a valuation of about $862 million.

Capital markets have been open despite heightened volatility, especially for oil and gas issuers, stemming from the ongoing Middle East conflict, industry experts have said.

Since the Iran war began, several energy companies have turned to equity and debt markets to take advantage of a surge in oil prices.

HMH provides drilling equipment and aftermarket services for offshore and onshore drilling, subsea and onshore mining as well as construction. Its brands include Hydril, VetcoGray and Wirth.

The company was created in 2021, when Baker Hughes and Akastor merged their offshore oil drilling equipment businesses, aiming to eventually take it public.

Although the HMH name is relatively new, its product lines have been manufacturing equipment for more than 125 years, with Wirth tracing its origins to 1895.

HMH is expected to start trading on the Nasdaq Global Select Market under the ticker "HMH" on Wednesday.

J.P. Morgan, Piper Sandler and Evercore ISI are the joint lead book-running managers for the offering.