The Elmet Group Co. priced its upsized initial public offering of about 8.6 million shares at $14.00 each, to raise $120.0 million in gross proceeds.
The U.S.- based provider of precision- engineered components and advanced high-energy systems said all shares are being offered by Elmet.
The stock is set to begin trading on the Nasdaq on April 23 under the ticker "ELMT".
The offering is expected to close on April 24.
Elmet also granted underwriters a 30-day option to buy up to an additional 1.3 million shares at the IPO price, less fees.
Net proceeds are expected to be roughly $109.0 million after underwriting discounts, commissions, and expenses.
The company plans to use net proceeds, along with existing cash and restricted cash, to repay debt, with the remainder allocated to growth capital, working capital, and general corporate purposes.
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