The Elmet Group, which makes critical materials and high-power microwave products for aerospace and defense, raised $120 million by offering 8.6 million shares at $14, the high end of the $12 to $14 range. The company had originally planned to offer 7.7 million shares. At pricing, Elmet commands a fully diluted market value of $420 million.
Elmet manufactures precision components and engineered systems using refractory metals such as tungsten, molybdenum, and niobium, along with high-power microwave technologies. Its products are designed for applications that require performance in extreme heat, electromagnetic intensity, and other demanding operating environments, including aerospace, defense, semiconductor equipment, medical devices, industrial systems, and energy infrastructure. The company’s operations span material processing, machining, fabrication, and engineered microwave components, giving it a vertically integrated manufacturing model that supports both custom parts and specialized system-level solutions.
The Portland, ME-based company will trade on the Nasdaq under the symbol ELMT. Cantor Fitzgerald, Needham & Co., Canaccord Genuity, and Roth Capital acted as joint bookrunners on the deal.
