The Elmet Group (ELMT.US) has expanded the size of its US IPO, pricing at $14 per share at the high end of the range.

The Elmet Group (ELMT.US), a manufacturer of critical materials and high-power microwave products for the aerospace and defense industries, recently completed its initial public offering (IPO) pricing at $14 per share, issuing 8.6 million shares and successfully raising $120 million. The pricing was at the high end of the previously announced range of $12 to $14 per share. The company had originally planned to issue 7.7 million shares. Based on the offering price, Elmet has a fully diluted market value of $420 million. Elmet specializes in manufacturing precision components and engineering systems using refractory metals such as tungsten, molybdenum, and niobium, combined with high-power microwave technology. Its products are suitable for applications in extreme high temperatures, strong electromagnetic fields, and other harsh operating environments, covering aerospace, defense, semiconductor equipment, medical devices, industrial systems, and energy infrastructure. The company's business includes material processing, mechanical machining, manufacturing assembly, and microwave engineering components, forming a vertically integrated manufacturing model that can provide customized components as well as deliver specialized system-level solutions. Headquartered in Portland, Maine, the company will be listed on the Nasdaq under the ticker symbol ELMT. Cantor Fitzgerald, Needham & Co., Canaccord Genuity, and Roth Capital are serving as joint book-running managers for the offering.