Opening Day: HMH Holding starts trading below $20 IPO price

HMH Holding opened at $18.90 last week following its $20 per share offering of 10.52M shares. The company, which provides drilling equipment and systems for offshore and onshore oil and gas operations, was led to market by JPMorgan.

LATEST IPOS AND DIRECT LISTINGS:

• HMH Holding (HMH) opened on April 1 at $18.90. The company priced 10.52M shares at $20.00, within its $19.00-$22.00 range. JPMorgan, Piper Sandler and Evercore ISI acted as joint book running managers for the offering. HMH is a provider of drilling equipment, services and systems utilized in oil and gas drilling operations, both offshore and onshore.
• KPET Ultra Paceline (KPET) opened on March 31 at $10. The company priced its initial public offering of 20M units at a price of $10.00 per unit. Deutsche Bank acted as the sole book running manager for the offering.

RECENT SPAC IPOS: 

• QDRO Acquisition (QADR) opened on March 27 at $9.92. The blank check company intends to focus on identifying businesses within the financial services, digital currency and technology business sectors.
• Future Money Acquisition (FMAC) opened on March 27 at $10.00. The blank check company said its efforts to identify a prospective target business will not be limited to a particular industry or geographic region.

PERFORMANCE: Prices as of 11 am ET on Monday, April 6 – 

• HMH Holding – down almost 1% at $18.70;
• KPET Ultra Paceline – fractionally up at $10.

RECENT IPOS TO WATCH: PayPayp (PAYP) is among stocks already seeing coverage roll out as the quiet periods for banks that underwrote the companies’ IPOs expire.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Boundless Group (BLTG), AEVEX (AVEX), Yesway (YSWY), Student Living EduVation (SDLV), and Liftoff.

Click here to see upcoming IPO calendar on TipRanks.

• Boundless Group is offering 4M Class A ordinary shares on a firm commitment basis in an initial public offering. The company expects the initial public offering price of its Class A ordinary shares to be in the range of $4.00 to $5.00 per share.
• AEVEX filed an initial public offering of shares of Class A common stock. The company applied to list its Class A common stock on the NYSE under the symbol “AVEX.” Goldman Sachs, BofA, Jefferies, J.P. Morgan, RBC Capital, Baird, William Blair, Raymond James, Needham & Company, Academy Securities, Capital One Securities, and PNC Capital Markets are acting as the underwriters for the offering.
• Yesway has filed with the SEC for an initial public offering of shares of Class A common stock and applied to list its shares on the Nasdaq Stock Market under the symbol “YSWY.” Yesway is a U.S.-based convenience store operator that operates primarily under two brands, Yesway and Allsup’s. “Our geographic footprint consists of stores located in attractive rural and suburban markets across the Southwest and Midwest, where we often are the convenience retail destination of choice and, effectively, the local grocer. We have a successful track record of growing through new store development and 27 acquisitions and believe we are well-positioned to continue to solidify our market position and grow our store count,” the prospectus states.
• Student Living EduVation filed with the SEC for an initial public offering by the company of 3.75M ordinary shares. The company stated, “We are offering 3,750,000 Ordinary Shares on a firm commitment basis. We anticipate that Offering price of the Ordinary Shares will be between $4.00 and $6.00 per Ordinary Share. The Resale Shareholders are also offering 5,880,000 Ordinary Shares to be sold pursuant to the Resale Prospectus. We are registering the Resale Shares pursuant to the Registration Rights Agreements we entered into with the Six Pre-IPO Investors on September 19, 2025… We will not receive any of the proceeds from the sale of the Ordinary Shares by the Resale Shareholders. Prior to this Offering, there has been no public market for our Ordinary Shares. We intend to apply to list our Ordinary Shares on the Nasdaq Capital Market under the symbol ‘SDLV’… We are a Cayman Islands exempted company with limited liability with a principal place of business in Hong Kong through our wholly-owned subsidiary, Student Living Culture Technology Limited. We are a student living and referral of education advisory services provider operating under the “Student Living” brand in Hong Kong. Our mission is to transform student dormitories into incubators for learning, collaboration, and self-discovery, as well as fostering an ecosystem that nurtures future global talent, providing more than just a place to live.”
• Liftoff Mobile announced that it has confidentially submitted a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of its common stock. The total number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market and other conditions and the completion of the SEC’s review process.

Opening Day” is The Fly’s recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.