High-power microwave systems manufacturer The Elmet Group sets terms for $100 million IPO
April 22, 2026 News
High-power microwave systems manufacturer The Elmet Group prices upsized IPO at $14, the high end of the range
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.
IPO Overview
The Elmet Group, which makes critical materials and high-power microwave products for aerospace and defense, announced terms for its IPO on Tuesday.
The Portland, ME-based company plans to raise $100 million by offering 7.7 million shares at a price range of $12 to $14.
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 Elmet Group was founded in 1929 and booked $202 million in revenue for the 12 months ended December 31, 2025. It plans to list on the Nasdaq under the symbol ELMT. Cantor Fitzgerald, Needham & Co., Canaccord Genuity, and Roth Capital are the joint bookrunners on the deal. It is expected to price the week of April 20, 2026.
About the Company
Elmet provides precision-engineered components and advanced high-energy systems for growth markets. Our customers in these markets require advanced technology involving critical and strategic materials, such as tungsten, molybdenum and niobium and high-level radio frequency engineering, including plasma generation, radar, and other high-energy systems. Our products and solutions are integral to the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries. These are industries which require components capable of performing in extreme thermal, electromagnetic, and technical environments for vital use cases. Our fundamental mission is to strengthen U.S. domestic manufacturing capabilities to support the United States and its allies’ needs in both Critical Materials and advanced High-Power Microwave systems. We believe we are the leader and sole-source U.S. producer of many highly engineered Critical Materials products and a leading designer and manufacturer of High-Power Microwave components in the United States. Our business is organized into two divisions, Critical Materials Components and Engineered Microwave Products. Through our divisions, we own and operate a vertically integrated engineering-to-production system, with custom design, development, and processing expertise for Critical Materials and HPM.