OMS Energy Technologies (OMSE) Registration Filing summary

Company overview and business model

• Manufactures surface wellhead systems (SWS) and oil country tubular goods (OCTG) 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.

• Holds ISO 9001 and API Q1 certifications at all sites, emphasizing quality and safety.

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

Financial performance and metrics

• Revenue rose from $97.5M (FY ended March 31, 2023) to $181.4M (FY ended March 31, 2024), an 86.2% increase.

• Gross margin increased from $28.0M to $49.7M over the same period.

• Net profit jumped from $12.4M to $81.1M, including a $49.4M bargain purchase gain from the MBO.

• For the six months ended September 30, 2024, revenue was $129.2M, gross profit $43.4M, and net profit $31.0M.

• Cash and cash equivalents as of September 30, 2024, were $60.6M; no outstanding debt.

Use of proceeds and capital allocation

• Net proceeds of ~$44.6M (assuming $9.00/share IPO price) expected.

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