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)