By Arasu Kannagi Basil

March 23 (Reuters) - Oil and gas equipment maker HMH

Holding said on Monday it was targeting a valuation of up to

$948 million in its initial public offering in the U.S.,

stepping into the market at a time when soaring crude prices

shape investor sentiment.

The company aims to raise $231 million in the IPO by selling

10.5 million shares at a price ranging between $19 and $22

apiece.

Despite heightened market volatility amid the ongoing Middle

East turmoil, bankers and analysts say capital markets remain

open, particularly for oil and gas issuers.

Several energy companies have tapped equity and debt capital

markets since the Iran war began, aiming to capitalize on the

surge in oil prices.

"The market is extremely price-sensitive. Except for

companies in the defense and energy sector, the IPO market is a

buyers market right now with firms facing high initial pricing

scrutiny," said IPOX CEO Josef Schuster.

Houston, Texas-based HMH provides drilling equipment and

aftermarket services for offshore and onshore drilling, subsea

and onshore mining, and construction. Its brands include Hydril,

VetcoGray and Wirth.

Baker Hughes and Akastor combined their offshore oil

drilling equipment units to create HMH in 2021, with a view to

eventually take the company public.

HMH, which generates most of its revenue from aftermarket

services and spare parts sales, had filed publicly for an IPO in

August 2024 but did not move ahead with its listing until now.

The company reported a net income of $46.1 million and

revenue of $821.8 million in 2025, compared with $52 million and

$843.4 million, respectively, a year earlier.

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 has applied to list its shares on the Nasdaq Global

Select Market under the ticker "HMH".

J.P. Morgan, Piper Sandler and Evercore ISI are the joint

lead book-running managers for the offering.