Australia-listed metal-powder maker Amaero sets $20 million Nasdaq IPO at $4.25

Amaero Inc., a Tennessee-based producer of metal powders for additive manufacturing, set an initial public offering price of $4.25 per share for a US listing, according to its prospectus filed on October 15.

The offering

The company is selling 4,705,883 shares of common stock, raising $20,000,003 at the offering price. Underwriting discounts are $0.2975 a share, or $1,400,000, leaving $18,600,003 before expenses. The underwriters have an option to buy up to 705,882 additional shares. The shares are approved for listing on the Nasdaq Capital Market under the symbol "AMRO," and delivery was expected on October 16, 2026.

Amaero is already listed in Australia: CHESS Depositary Interests, each representing 1/40th of a share of common stock, trade on the Australian Securities Exchange under "3DA." The prospectus says the last reported price on October 12 was A$0.155 per interest, "equivalent to approximately $0.11 per CDI or $4.33 per share of common stock." The US offering price of $4.25 is 1.8% below that equivalent (computed). The prospectus says the US offering does not constitute an offer of the Australian-listed interests.

The company

Amaero describes itself as "a leading U.S.-based producer of high-value refractory and titanium alloy spherical metal powders for additive manufacturing ('AM') and advanced manufacturing," and a pioneer in a process called powder metallurgy hot isostatic pressing (PM-HIP) for making large near-net-shape parts. Its manufacturing and corporate headquarters are in Tennessee. It says it occupies "a strategically critical position at the intersection of U.S. national security priorities, AM technology, and the domestic reshoring" of supply chains.

The risk

At June 30, 2026, Amaero had cash and cash equivalents of $13.6 million. The prospectus states: "If we do not obtain additional funding, we may not be able to continue our operations as a going concern and therefore may be forced to curtail or cease operations or liquidate." The company also says a considerable portion of its revenue comes from defense-related products sold under US government contracts and subcontracts.