High-power microwave system manufacturer Elmet (ELMT.US) has set its IPO price at $12 to $14, with plans to raise $100 million.

Aerospace, defense critical materials supplier The Elmet Group (ELMT.US) announced its terms for its initial public offering (IPO) on Tuesday. The Portland, Maine-based company plans to raise $100 million by issuing 7.7 million shares of stock at a price range of $12 to $14 per share, with pricing expected the week of April 20, 2026. Elmet manufactures precision components and engineering systems using refractory metals such as tungsten, molybdenum, niobium, and high-power microwave technology. Its products are designed for applications that require operation in extreme high temperatures, electromagnetic intensity, and other harsh operating environments, including aerospace, defense, semiconductor equipment, medical devices, industrial systems, and energy infrastructure. The company's business includes materials processing, machining, manufacturing, and engineering microwave components, allowing for a vertically integrated manufacturing model that supports customized parts and specialized systems-level solutions. Founded in 1929, Elmet had revenues of $202 million in the 12 months ending on December 31, 2025. The company plans to list on the Nasdaq under the ticker symbol ELMT. Cantor Fitzgerald, Needham & Co., Canaccord Genuity, and Roth Capital are serving as joint underwriters for the offering.