Elmet, whose products had a role in the historic Artemis II flight to the moon last week, launched the roadshow for its proposed initial public offering.
Get Instant Access to This Article
Subscribe to Mainebiz and get immediate access to all of our subscriber-only content and much more.
- Critical Maine business news updated daily.
- Immediate access to all subscriber-only content on our website.
- Bi-weekly print or digital editions of our award-winning publication.
- Special bonus issues like the Mainebiz Book of Lists.
- Exclusive ticket prize draws for our in-person events.
Click here to purchase a paywall bypass link for this article.
The Elmet Group Co., a Lewiston-based manufacturer whose products had a critical role in the historic Artemis II flight to the moon last week, announced April 14 that it launched the roadshow for its proposed initial public offering.
The offering will be for 7.7 million shares of Elmet common stock. The initial public offering price is expected to be between $12 and $14 per share. If fully subscribed, the IPO could raise $92 million to $108 million, depending on the share price.
In addition, Elmet said it intends to grant the underwriters a 30-day option to purchase up to an additional 1.2 million shares of common stock from Elmet at the initial public offering price, less underwriting discounts and commissions.
Elmet intends to list its common stock on the NASDAQ Capital Market under the ticker symbol ELMT.
Artemis role
The company manufactures precision-engineered components and advanced high-energy systems for the aerospace, defense and government, industrial, medical, semiconductor and electronics and energy industries. The company operates through two segments, critical materials components and engineered microwave products.
After successfully deploying components on the uncrewed Artemis I test flight in 2022, Elmet’s key contributions to the crewed Artemis II mission included production of high-density tungsten heavy alloy materials at the company’s manufacturing headquarters in Lewiston; and production of high-strength, corrosion-resistant parts, engineered to withstand the extreme environments of space flight, at Elmet’s facility in Euclid, Ohio.
Elmet, the only U.S.-owned and operated, vertically integrated tungsten and molybdenum manufacturer, has nearly 400 employees across three facilities, totaling over 500,000 square feet in Maine, Ohio and Michigan.
Cantor Fitzgerald & Co., a New York-based global financial services firm, is the lead underwriter for the proposed offering. A registration statement relating to the securities was filed with the Securities and Exchange Commission, but has not yet become effective.
