Koei Group Files for $19 Million US IPO to Expand Global Recycling and ITAD Operations

Japan-based Koei Group has filed with the SEC to raise up to $19 million through an initial public offering on the Nasdaq. The company specializes in industrial waste management, material recycling, and information technology asset disposition (ITAD), operating primarily through its subsidiary Koei Japan. This move signals a significant push for the company to scale its recovery of ferrous, nonferrous, and precious metals from end-of-life equipment while expanding its footprint in international markets including the United States.

Koei Group, a holding company established in 1995 and headquartered in Tokyo, operates as a comprehensive provider of recycling and industrial waste services. The firm’s primary operations involve the collection, transportation, and processing of end-of-life IT equipment and industrial waste at certified intermediate treatment facilities located in Yokohama and Kitakyushu. These facilities are central to the company’s ability to recover valuable materials, including ferrous and nonferrous metals such as copper, as well as precious metals like gold, silver, and palladium.

The company maintains a robust regulatory standing within its home market, holding operating licenses in 46 of Japan’s 47 prefectures. Beyond its domestic operations, Koei has aggressively pursued international growth through subsidiaries in Singapore and Thailand. Notably, the group recently acquired a 51% stake in Koei US, a Texas-based engineering services firm previously known as Nufika, which serves as its strategic platform for entering the United States waste management and recycling market.

Financially, Koei Group reported $48 million in revenue for the 12-month period ending February 28, 2026. The company’s business model is heavily reliant on the circular economy, with over 95% of its total revenue generated from the sale of recycled materials and the resale of refurbished IT assets. The upcoming IPO, with Roth Capital serving as the sole bookrunner, aims to list the company under the ticker symbol KOEI on the Nasdaq, following a confidential filing process that began in May 2025.