Components maker Elmet discloses revenue rise in US IPO filing

By Pragyan Kalita

March 30 (Reuters) - Precision-engineered components ‌manufacturer Elmet ​Group revealed ​higher annual revenue in its paperwork for a U.S. initial public offering on Monday, as it looks to tap investor appetite ‌for defense-linked businesses.

The long-awaited U.S. IPO recovery has been tempered this ⁠year by a broader selloff on fears of AI-driven disruption and tensions in the Middle ‌East, though less-exposed companies continue ‌to pursue listings.

"We are seeing fewer deals come to market, not because the window is closed, but because execution risk remains high," said IPOX ​Vice President Kat Liu.

"Elmet is well aligned with current market demand, particularly the preference for defensible industrial names with exposure to structural themes such ⁠as defense and energy."

The Portland, Maine-based company reported net income of $5.5 million on revenue of $201.6 million in ​2025, compared with a net income of $15.4 million on revenue of $190.4 million a year earlier.

Elmet makes components and high-energy systems using ​critical materials for aerospace, defense and semiconductor ‌sectors, supporting U.S. manufacturing and strategic capabilities.

It operates two divisions, Critical Materials Components - producing tungsten and molybdenum products, and Engineered ⁠Microwave Products making high-power microwave and radio-frequency systems for mission-critical uses.

"The company also operates in an industry with high barriers to entry, which limits competition and reinforces its ⁠position in niche, high-value segments of the market," Liu said.

A significant portion of Elmet's business ​is tied to U.S. defense spending, with its products embedded in aircraft, missile, radar and naval programs for the U.S. Department of Defense.

Other defense-related firms have also moved toward ‌public listings, including Arcline-backed Arxis and Madison Dearborn-backed contractor AEVEX, which filed for U.S. IPOs last week.

Elmet plans to use ‌the IPO proceeds primarily to repay debt, acquire complementary businesses, products, services or technologies, ⁠among other purposes.

Cantor, Needham & Company, ‌Canaccord Genuity and Roth ​Capital Partners are the underwriters. Elmet will list on the Nasdaq under the symbol "ELMT."

(Reporting by Pragyan Kalita in Bengaluru; Editing by ‌Shailesh Kuber)

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