The Elmet Group Co. (“Elmet”) has filed to go public on the Nasdaq under the ticker ELMT, offering 7.7 million shares at an expected range of $12.00 to $14.00, implying a midpoint deal size of approximately $100 million and an estimated post-offering market capitalization of roughly $360–$390 million. The offering is led by Cantor Fitzgerald, with Needham, Canaccord Genuity, and Roth Capital Partners participating as co-managers.
Elmet is positioning itself as a critical supplier of advanced materials and high-energy systems supporting aerospace, defense, semiconductor, medical, and energy markets. The company operates through two core divisions—Critical Materials Components (CMC) and Engineered Microwave Products (EMP)—with a vertically integrated platform spanning engineering, design, and manufacturing.
At the core of the story is Elmet’s role in the U.S. critical materials supply chain, particularly in tungsten and molybdenum—materials essential for extreme environments across defense systems, semiconductors, and energy infrastructure. The company highlights its position as the only U.S.-owned, vertically integrated manufacturer of certain highly engineered tungsten and molybdenum products, creating a strategic advantage as geopolitical tensions and supply chain security become increasingly important.
The business is built around a high-barrier, engineering-led model, where Elmet engages early in customer design cycles to develop customized, difficult-to-replicate components. This approach embeds its products into long-duration programs across defense and advanced research, often making it the “supplier of record” and creating durable customer relationships. The company’s components are used across more than 95 national lab programs and numerous defense platforms, reinforcing its positioning within mission-critical infrastructure.
Financially, Elmet is already operating from a position of profitability, generating $201.6 million in revenue in 2025, up from $190.4 million in 2024, with gross profit of $41.0 million and operating income of $12.1 million. Margins remain relatively stable, with gross margin of 20.3% in 2025, reflecting the capital-intensive nature of materials processing and manufacturing. While not a hyper-growth profile, the company demonstrates steady expansion supported by both organic growth and acquisitions.
Strategically, Elmet is levered to several powerful macro tailwinds, including rising U.S. defense spending, reshoring of critical manufacturing, and increasing demand for advanced materials in semiconductor and energy applications. The company notes its participation in approximately 100 U.S. defense systems, positioning it to benefit from ongoing military modernization and restocking initiatives.
A key differentiator is Elmet’s vertically integrated manufacturing footprint, which includes six facilities and over 600,000 square feet of production capacity. Management estimates that replicating this infrastructure would require over $1 billion in capital investment, underscoring the high barriers to entry and long-term strategic value of its asset base.
The company’s growth strategy centers on three pillars: expanding production capacity, leveraging its expertise into adjacent materials and applications, and pursuing targeted acquisitions to broaden its capabilities. Recent acquisitions, including operations from H.C. Starck and Valvo, have expanded both production capacity and geographic reach, while additional tuck-in deals are expected to remain part of the growth playbook.
From a comps perspective, Elmet enters the market as a small-cap industrial and defense-adjacent materials company, sitting somewhere between specialty materials players and niche defense suppliers. While not directly comparable to large-cap defense primes, its positioning within the supply chain—particularly around critical materials—may attract investors looking for leveraged exposure to defense spending and supply chain reshoring themes.
Risks primarily center on customer concentration and reliance on government-related demand, as well as exposure to raw material price volatility, particularly given the global dominance of China in tungsten supply. Additionally, as a smaller issuer, liquidity and scale may impact investor appetite relative to larger, more established peers.
Looking ahead, IPO proceeds are expected to support debt reduction, growth initiatives, and general corporate purposes, with management emphasizing continued investment in manufacturing capabilities and strategic acquisitions.
Overall, Elmet is coming public as a specialized, strategically positioned industrial platform, offering exposure to critical materials and high-energy systems at the intersection of defense, semiconductors, and energy. While smaller in scale, the company’s vertically integrated model and positioning within national security supply chains provide a differentiated angle within the current IPO pipeline.
Elmet Group will price Wednesday, April 23rd and trade Thursday, April 24th.