(Note: Innovex Drillhole Solutions Inc. withdrew its IPO plans in a letter to the SEC dated April 9, 2024. In that letter, Innovex Drillhole Solutions said it is applying for withdrawal of the registration statement because on March 18, 2024, the company entered into an agreement to merge with Dril-Quip, Inc., a Delaware corporation. Background: Innovex Drillhole Solutions filed its S-1 on Jan. 4, 2024, with disclosing terms for its IPO.)

Innovex designs, manufactures, sells and rents mission critical engineered products to the global oil and natural gas industry. (Incorporated in Delaware)

Our vision has been to create a global leader in well-centric products and technologies through organic, customer-linked innovations and disciplined acquisitions to drive leading returns for our investors. Our products are used across the lifecycle of the well (during the construction, completion, production and intervention phases) and are typically utilized downhole and consumable in nature. Our products perform a critical well function, and we believe they are chosen due to their reliability and capacity to save our customers time and lower costs during the well lifecycle.

We believe that our products have a significant impact on a well’s performance and economic profile relative to the price we charge, creating a “Big Impact, Small Ticket” value proposition. The majority of our 2022 revenue came from product families that we believe hold a top three competitive position in their primary markets based on our total addressable market (“TAM”) estimates. We estimate that our TAM for our applicable products across the NAM (as defined herein) market was approximately $2.0 billion in 2022 and $1.6 billion in 2021. We have a growing presence across our International and Offshore (as defined herein) markets and estimate that the TAM for our applicable products across these regions was approximately $2.2 billion in 2022 and $2.0 billion in 2021. Please see “Business—Our Organic Growth Strategy” for an explanation of how we calculate our TAM. Many of our products can be used in a significant portion of our customers’ wells globally, with our most advanced products providing mission critical solutions for some of the most challenging and complex wells in the world. We have a track record of developing proprietary products to address our customers’ evolving needs, and we maintain an active pipeline of potential new products across various stages of development. Our business is high margin and capital-light, enabling us to generate strong returns on invested capital. We have a disciplined history of successfully sourcing and integrating strategic acquisitions.

*Note: Net income and revenue are for the 12 months that ended Sept. 30, 2023. 

(Note: Innovex Drillhole Solutions, Inc., filed its S-1 on Jan. 4, 2024, without disclosing terms for its IPO.)