Canadian tungsten producer Almonty Industries (ALM.US) applies for a US stock IPO, aiming to raise $75 million.

Canadian defense industry tungsten concentrate producer Almonty Industries (ALM.US) submitted an application to the U.S. Securities and Exchange Commission (SEC) on Monday, planning to raise up to $75 million in funds through an initial public offering (IPO). The company is currently listed on the Toronto Stock Exchange, the Australian Stock Exchange, the Frankfurt Stock Exchange, and the over-the-counter market. Almonty Industries specializes in tungsten concentrate production, with its products mainly supplied to the defense industry. The company also plans to vertically integrate into the production of tungsten oxide. It owns a molybdenum mine as well. Its core asset is the Sangdong tungsten mine in South Korea, one of the largest known tungsten mines in the world, currently in the trial operation phase. Once fully operational, the Sangdong tungsten mine is expected to become an important source of global tungsten supply outside of China, providing raw materials for key sectors such as defense, aerospace, semiconductors, and batteries. The company, headquartered in Toronto, Canada, was founded in 2009 and had a revenue of $21 million in the 12 months ending March 31, 2025. The company plans to list on the Nasdaq under the ticker symbol ALM. The joint bookrunners for this transaction are Oppenheimer & Co. and Cantor Fitzgerald. The issuance price terms have not been disclosed yet, but the company has started roadshows and is expected to determine the issuance price later this week.