Koei Group, a Japan-based recycling and IT asset disposition provider, filed for an initial public offering on the Nasdaq. The company plans to list under the ticker “KOEI” and says it will complete the deal only if its shares are approved for listing. Proceeds will fund acquisitions, capacity expansion, and general corporate purposes.

Business Description

Koei Group provides secure, compliant, and sustainable lifecycle services spanning material recycling, IT asset disposition (ITAD), and industrial waste management, with a developing professional services arm in the United States. The company processes IT and office electronics, circuit boards, non‑ferrous metals, and large machinery using a mix of manual dismantling, industrial shredders and crushers, and advanced sorting to recover valuable materials such as copper, gold, and aluminum for sale to smelters and refiners.

Koei’s ITAD services include certified data erasure, physical destruction, resale of refurbishable assets, and compliant downstream recycling, supported by ISO27001 and R2v3 credentials and mobile on‑site shredding in Japan. It holds waste collection and treatment licenses in 46 of Japan’s 47 prefectures and operates treatment facilities in Yokohama and Kitakyushu. The company’s footprint includes three recycling/ITAD centers in Japan and an ITAD facility in Singapore, with expansion efforts in Thailand and a U.S. subsidiary focused on professional and OT asset services. Over 95% of revenue comes from the sale of recycled materials and reused IT assets, underpinned by a compliance-first operating model and multiple international certifications (ISO9001, ISO14001, ISO27001, ISO45001, R2v3).

Market Overview

  • Total addressable market: Global metal recycling market estimated at ~$983.8B in 2024, projected to reach ~$1.25T by 2030 (4.3% CAGR).
  • Market growth: Global ITAD market projected to grow from ~$25.3B in 2024 to ~$54.5B by 2030 (13.7% CAGR).
  • Market position: Operates under one of the world’s strictest regulatory regimes in Japan, with licenses in 46 of 47 prefectures and multiple ISO/R2v3 certifications.
  • Key competitors: Japan System Care, Broadlink, Matsuda Sangyo (Japan).
  • Industry trends: Rising e-waste volumes (~62M metric tons in 2023), tightening data protection and ESG mandates, and increasing demand for recovered critical materials like copper, gold, and palladium.

Operational Metrics

  • Customers: Two largest customers represented 18% and 15% of FY2026 revenue.
  • Locations: Three centers in Japan (Yokohama Kanazawa, Kitakyushu, Chubu) and an ITAD facility in Singapore.
  • Geographic presence: Japan, Singapore, Thailand (JV expansion), and the United States (professional services/OTAD).
  • Partnerships: Thailand JV with HIDAKA HOLDINGS (2008) Co., Ltd.; member of Yokohama Urban Solution Alliance (YUSA).
  • Orders/GMV: Digital marketing (Aug 2023–Jul 2024): Japan 46,199 clicks/120 orders; Singapore 5,995 clicks/111 orders.
  • Other key metrics: One mobile shredding vehicle in Japan; licenses in 46/47 Japanese prefectures; certifications include ISO9001, ISO14001, ISO27001, ISO45001, and R2v3; ~79.4% of FY2026 processed materials were copper-related.

Financials Highlights

  • Revenue (current): $47,665,800 (FY ended Feb 28, 2026)
  • Revenue growth: Up 9% year over year (+$3,828,039)
  • Gross profit: $10,547,083 (22.1% margin)
  • Operating income: $3,502,381
  • Net income: $1,885,665

Management

  • Mamoru Iwamoto, Chief Executive Officer, President, Director - Founder and CEO of KOEI JAPAN since 1995; decades of leadership in recycling and waste management.
  • Tomonari Takayama, Chief Financial Officer, Chief Strategy Officer, Director - Former managing director at KOEI JAPAN; oversees finance and strategy.
  • Katsumi Kato, Chief Marketing Officer, Chief Revenue Officer, Director - Leads sales and ITAD divisions; commercial leadership since 2017.
  • Ryuma Iwamoto, Chief Operating Officer, Director - CEO of KOEISING (Singapore); operational leadership across Japan and Southeast Asia.
  • Robert Wagner, Chief Business Officer, Director - Over 20 years of engineering experience; leads U.S. subsidiary Koei US.
  • Maki Wagner, Chief Communications Officer, Director - Leads communications and investor relations; experience in cross-border operations.
  • Sachiko Tozawa, Chief Branding Officer, Director - Heads the president’s office and brand initiatives at KOEI JAPAN.

IPO Structure

  • Issuer: Koei Group Co., Ltd.
  • Filing date: June 29, 2026
  • Proposed ticker: KOEI
  • Exchange: Nasdaq Capital Market
  • Lead underwriters: Roth Capital Partners
  • Use of proceeds: Strategic acquisitions in Japan and abroad, capital expenditures for recycling and processing equipment and facilities, and general corporate purposes including personnel, infrastructure, and working capital.

Original SEC Filing:

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