Koei Group, a Japan-based provider of recycling and industrial waste management services, has filed with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) that could raise up to $19 million. The planned Nasdaq listing reflects growing investor interest in companies supporting the global circular economy through electronic waste recycling, resource recovery, and sustainable materials management.
The offering also comes as governments and corporations increasingly prioritize responsible waste disposal and the recovery of valuable metals from end-of-life electronic equipment, creating long-term opportunities for specialized recycling operators.
Company Background
Founded in 1995 and headquartered in Tokyo, Japan, Koei Group is a holding company focused on material recycling, information technology asset disposition (ITAD), and industrial waste management. The company primarily operates through its subsidiary Koei Japan, which collects, transports, and processes end-of-life IT equipment and industrial waste at certified intermediate treatment facilities located in Yokohama and Kitakyushu.
Its recycling operations recover ferrous and nonferrous metals, particularly copper, alongside precious metals including gold, silver, and palladium, helping return valuable resources to industrial supply chains. More than 95% of the company’s revenue is generated through the sale of recycled materials and refurbished IT assets, demonstrating the strength of its resource recovery business model.
Koei holds operating licenses across 46 of Japan’s 47 prefectures and maintains multiple industry certifications supporting regulatory compliance. The company has also expanded internationally through subsidiaries in Singapore and Thailand, while strengthening its North American presence by acquiring a 51% stake in Koei US, a Texas-based engineering services company formerly known as Nufika, providing a platform for future U.S. market expansion.
For the 12 months ended February 28, 2026, Koei Group generated approximately $48 million in revenue.
IPO Details
Koei Group plans to raise up to $19 million through its initial public offering, although pricing terms have not yet been disclosed. The company intends to list its shares on the Nasdaq under the ticker symbol KOEI.
The company confidentially submitted its registration statement to the SEC on May 29, 2025, before publicly filing the offering documents. Roth Capital is serving as the sole bookrunner for the transaction.
Market Context & Opportunities
Global demand for electronic waste recycling and industrial resource recovery continues to grow as governments implement stricter environmental regulations and manufacturers seek reliable sources of recycled raw materials. The expansion of electric vehicles, renewable energy systems, and consumer electronics has increased demand for critical metals such as copper, gold, silver, and palladium, making recycling an increasingly strategic component of global supply chains.
Japan remains one of the world’s leaders in advanced recycling technologies and environmental compliance, providing Koei with operational expertise that could support future international expansion. Its established licensing network and integrated waste management capabilities position the company to benefit from long-term trends toward sustainability, resource efficiency, and the circular economy.
Risks & Challenges
Despite operating in a growing industry, Koei Group faces several challenges. Revenue remains closely tied to commodity prices, particularly for recycled metals, exposing earnings to fluctuations in global raw material markets. The recycling industry also requires continuous investment in processing facilities, environmental compliance, and advanced recovery technologies.
International expansion introduces additional execution risks, including regulatory differences, operational integration, and competitive pressures in overseas markets. Furthermore, the company’s relatively modest size compared with larger global recycling firms could limit its ability to compete for large-scale contracts and acquisitions.
Closing Thoughts
Koei Group’s proposed Nasdaq IPO provides investors with exposure to the expanding recycling and industrial waste management sector at a time when resource recovery and sustainable materials are becoming increasingly important to global supply chains. The company’s established operations, nationwide licensing footprint in Japan, and growing international presence offer a foundation for future growth, although execution, commodity price volatility, and expansion risks will remain key considerations as it enters the public markets.
