A month after raising $125.5 million in an initial public offering, a Maine manufacturer is poised to ring the closing bell on the Nasdaq stock exchange on Wall Street this Friday.
That’s a long way from home for the Elmet Group Co, a Portland-based maker of precision-engineered components and advanced high-energy systems for a range of industries, including defense, lighting, electronics and automotive. Elmet’s production facilities are located in Lewiston and Gorham.
“This ceremony celebrates the many years of hard work from our collective team that led to our successful Nasdaq listing,” said CEO Peter V. Anania, who also serves as the company’s chairman.
He will be joined at Friday’s event with other senior leaders and as well as frontline manufacturing employees
“We appreciate the support of our employees, partners, customers and shareholders who have all contributed to this tremendous milestone,” Anania said days before the ceremony. It will be held at Nasdaq’s MarketSite in New York City and will be webcast live starting at 3:45 p.m. Eastern time.
Elmet has said it plans to use the proceeds from the IPO for growth capital, working capital and general capital purposes and repayment of debt.
As of Tuesday’s close on Wall Street, Elmet shares were trading at $15.65, putting the company’s market value at around $471.6 million. Shares, priced at $14 in the IPO, have traded between a low of $13.38 and a high of $22.25 since last month’s market debut.
