Akastor Narrows Stake as HMH Debuts on Nasdaq After IPO

The latest update is out from Akastor ASA ( (AKKVF) ).

Norwegian oil-services investment company Akastor ASA has further monetized its stake in HMH Holding Inc., a provider of mission-critical drilling equipment and services, following the completion of HMH’s initial public offering on the Nasdaq Global Select Market under the ticker HMH. Formed in 2021 through the merger of Baker Hughes’ Subsea Drilling Systems and Akastor’s MHWirth, HMH combines global reach, technical expertise and integrated manufacturing-to-aftermarket operations across oil, gas and adjacent industries.

HMH has closed its IPO of 10,520,000 Class A shares, delivering about USD 46.8 million in net proceeds and loan repayments to Akastor while reducing Akastor’s equity interest in HMH to roughly 37 percent. The IPO, which may further dilute Akastor’s stake to about 35 percent if underwriters exercise an option for additional shares, strengthens HMH’s capital-market profile and governance structure, with Akastor’s CEO Karl Erik Kjelstad and Aker ASA CFO Svein Oskar Stoknes serving on HMH’s seven-member board and receiving equity-linked director compensation, underscoring Akastor’s continuing strategic influence despite a smaller ownership position.

More about Akastor ASA

Akastor ASA is a Norway-based oil-services investment company with a portfolio of industrial holdings and other investments, operating with a flexible mandate for active ownership and long-term value creation. Its indirect affiliate HMH Holding Inc. is a leading provider of highly engineered, mission-critical drilling equipment, services and systems for offshore and onshore oil and gas operations, and is expanding into adjacent sectors such as mining.

Average Trading Volume: 313,732

Current Market Cap: NOK4.17B

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