OMS Energy Technologies (OMSE) Registration Filing summary

Company overview and business model

• Manufactures surface wellhead systems and oil country tubular goods for oil and gas E&P in Asia Pacific and MENA regions.

• Operates through subsidiaries in Singapore, Saudi Arabia, Indonesia, Thailand, Malaysia, and Brunei.

• Key products include specialty connectors, pipes, surface wellheads, Christmas trees, and premium threading services.

• Major customer concentration: Saudi ARAMCO accounted for 71% of revenue for the six months ended September 30, 2024.

• Incorporated in the Cayman Islands as a holding company; investors hold equity in the holding company, not directly in operating subsidiaries.

Financial performance and metrics

• Revenue: $129.2M (six months ended Sep 30, 2024), $163.3M (Jun 16, 2023–Mar 31, 2024), $97.5M (FY ended Mar 31, 2023).

• Gross profit: $43.1M (six months ended Sep 30, 2024), $48.7M (Jun 16, 2023–Mar 31, 2024), $28.0M (FY ended Mar 31, 2023).

• Net profit: $30.7M (six months ended Sep 30, 2024), $82.1M (Jun 16, 2023–Mar 31, 2024), $12.4M (FY ended Mar 31, 2023).

• Gross margin: 33.3% (six months ended Sep 30, 2024), 29.9% (Jun 16, 2023–Mar 31, 2024), 28.8% (FY ended Mar 31, 2023).

• Cash and cash equivalents: $60.6M as of Sep 30, 2024.

• No outstanding debt as of Sep 30, 2024; strong free cash flow and balance sheet.

Use of proceeds and capital allocation

• Net proceeds of ~$44.6M expected from IPO (at $9.00/share midpoint).

• 12% allocated to product R&D, 4% to marketing and sales, 4% to compliance and governance, remainder for working capital and corporate purposes.