Elmet Group IPO: Precision components manufacturer debuts on the Nasdaq

Premarket trading in Elmet Group (ELMT), a  has started on the Freedom trading platform. Later on Thursday, the company’s shares will debut on the Nasdaq under the symbol ELMT (Freedom clients: to trade, click on ELMT).

Elmet Group raised $120 million in its IPO on the Nasdaq. The company placed 8.6 million shares at $14 per share – at the top end of the previously announced range of $12-14.

The IPO was led by Cantor Fitzgerald, Needham & Company, Canaccord Genuity, and Roth Capital Partners. The company granted them a 30-day option to purchase up to 1.3 million additional shares of common stock at the IPO price, less underwriting discounts and commissions.

Elmet plans to use the proceeds from the offering to repay external and internal debt, fund working capital, and for general corporate purposes.

Elmet traces its history back to 1929, when it operated as Elmet Technologies, was owned by Philips Lighting, and produced tungsten filaments for light bulbs. In the early 2000s – amid the shift to LED lighting – Philips sold Elmet Technologies to former vice president Jack Jensen. Later, in 2015, he sold it to Anania and Associates (A&A), owned by Peter Anania, who then took over as head of Elmet Group.

The company develops critical components and describes itself as the only vertically integrated producer in the U.S. of pure tungsten and pure molybdenum materials. Due to their high density and melting point, these materials are indispensable in extreme environments and form the basis for aerospace, defense, semiconductor, medical industries, as well as nuclear energy – including nuclear and thermonuclear fusion, according to Elmet Group’s IPO prospectus filed with the Securities and Exchange Commission. As a result, its solutions are used by contractors of the U.S. Department of Defense, NASA, and Lockheed Martin, the document said.

Among its competitive advantages, Elmet Group cites full control over the tungsten and molybdenum supply chain. It notes that a significant share of global supply of these materials is controlled by China, which is tightening export restrictions. As a result, Elmet Group’s positioning as a U.S.-based supplier works in its favor in global markets, it said in the prospectus. The company also cites rising U.S. defense spending as a key element of its growth strategy.

In 2025, the company reported revenue growth of nearly 6% to $201.6 million.

Strengths of Elmet Group include its U.S.-based positioning for producing critical products, vertical integration, and engineering expertise, IPO analyst Donovan Jones wrote on Seeking Alpha.

The company participates in 100 defense programs, including aircraft manufacturing, missile systems, electronics, and extruded components for submarine systems, said Freedom Finance analyst Alem Bektemirov.

Bektemirov cited the company’s reliance on government contracts, volatility in raw material prices, and geopolitical instability as the main risks for its business. The company highlighted similar risks in its IPO prospectus. In particular, it said its German facility faced a significant increase in ferrite prices due to supply chain disruptions caused by the “ongoing military conflict in Eastern Europe” and tariffs.

Jones also pointed to declining profitability. In 2025, the gross margin fell by 80 basis points, the operating margin by 150 basis points, the net margin by 540 basis points, and operating cash flow dropped by more than half, he said.

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Freedom clients will be able to trade Elmet Group shares before the start of the main U.S. session. Premarket trading will open 2-3 hours early, at 15:30-16:30 Astana time. Investors can participate by selecting the symbol ELMT on the Freedom platform.