Koei Group, a Japan-based provider of recycling and industrial waste management services, filed on Monday with the SEC to raise up to $19 million in an initial public offering.
Koei Group is a Japan-based holding company engaged in material recycling, information technology asset disposition, and industrial waste management. Operating primarily through its subsidiary Koei Japan, the company collects, transports, and processes end-of-life IT equipment and industrial waste at certified intermediate treatment facilities in Yokohama and Kitakyushu, recovering ferrous and nonferrous metals, principally copper, along with precious metals including gold, silver, and palladium. The company holds operating licenses in 46 of Japan's 47 prefectures and maintains certifications. Koei has expanded internationally through subsidiaries in Singapore and Thailand, and acquired a 51% interest in Koei US, a Texas-based engineering services firm formerly operating under the name Nufika, as a platform for US market entry. Over 95% of revenue is derived from the sale of recycled materials and reused IT assets.
The Tokyo, Japan-based company was founded in 1995 and booked $48 million in revenue for the 12 months ended February 28, 2026. It plans to list on the Nasdaq under the symbol KOEI. Koei Group filed confidentially on May 29, 2025. Roth Capital is the sole bookrunner on the deal.
