Seahawk Recycling Holdings, a Japan-based provider of paper and scrap metal recycling services, raised the proposed deal size for its upcoming IPO on Friday.
The Tokyo, Japan-based company now plans to raise $31 million by offering 6.3 million shares at a price range of $4 to $6. The company had previously filed to offer 3.8 million shares at the same range. They had originally filed to offer 2 million shares. At the midpoint of the revised deal size, Seahawk Recycling Holdings will raise 67% more in proceeds than previously anticipated and command a market cap of $149 million (+9% versus previous terms).
The company provides recycling services in Japan, including both scrap metal recycling (70% of FY25 revenue), where the company acquires waste metal from collection companies and supplies it to smelters or trading companies, and waste paper recycling (27%), where the company sources waste paper and supplies it to pulp mills and trading companies. The company delivers recycled products both domestically and throughout the Asia Pacific region.
Seahawk Recycling Holdings was founded in 2013 and booked $83 million in revenue for the 12 months ended September 30, 2025. It plans to list on the Nasdaq under the symbol SEAH. Cathay Securities is the sole bookrunner on the deal.
