The IPO Buzz: OMS Energy Technologies (OMSE) Cuts IPO’s Size & Prices it at $9 Mid-Point

OMS Energy Technologies, Inc. (OMSE) cut its IPO’s size by about a third at pricing to 3.7 million shares (3,703,704 shares) – down from 5.56 million shares (5,555,556 shares) in the prospectus – and priced the deal at $9.00 – the mid-point of its $8.00-to-$10.00 price range – to raise $33.33 million on Thursday night, May 8, 2025. The Singapore-based company’s operating subsidiaries are in the oilfield equipment business in Singapore, Saudi Arabia, Indonesia, Thailand, Malaysia and Brunei, according to the prospectus. The company, incorporated in the Cayman Islands, was founded in 1972.

Shares of OMS Energy Technologies, Inc. are expected to start trading today – Friday, May 9, 2025 – on the NASDAQ.

Roth Capital Markets was the sole book-runner.

OMS Energy Technologies, Inc.’s IPO had attracted some interest because of the company’s profitability and its 10-year contract with Saudi Aramco, its largest client.

From the prospectus: “We are a growth-oriented manufacturer of surface wellhead systems, or SWS, and oil country tubular goods, or OCTG, products used in the oil and gas industry. These products are primarily used for both onshore and offshore oil exploration and production, or E&P activities in the Asia Pacific and the Middle Eastern and North Africa (MENA) Regions.”

The prospectus also said: “Our operations benefit from our broad, strategically positioned geographic footprint, which supports our ability to supply our (i) Specialty Connectors and Pipes and (ii) Surface wellhead and Christmas tree, allowing us to serve our customers operating in the Asia Pacific and MENA Regions.

“We have finishing facilities in close proximity to some of our top end-users’ E&P operations,” the prospectus said. “For example, we have facilities in Saudi Arabia, where our largest client, Saudi ARAMCO Oil, is located, which allows us to provide our customers with customized technical solutions and to synchronize our production and logistics with evolving demands.”

OMS Energy Technologies, Inc. is profitable, according to the financial statements in the prospectus: Net income of $84.47 million on revenue of $181.45 million for the 12 months that ended March 31, 2024

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