Koei Group Co., Ltd. has submitted a registration statement with the U.S. Securities and Exchange Commission seeking to offer common shares in an initial public offering in the United States, the company disclosed in its filing. The Japan-headquartered holding company intends to list its common stock on the Nasdaq Capital Market using the ticker symbol "KOEI."
Roth Capital Partners is identified in the filing as the underwriter for the proposed offering. The filing does not specify how many shares will be offered nor does it include a proposed price range for the offering.
The filing describes Koei Group's operations as organized around three core business areas: material recycling, information technology asset disposition (ITAD) and industrial waste management. For the fiscal year ended February 28, 2026, the company reported consolidated revenues of $47.7 million, up from $43.8 million in the prior fiscal year. Net income for the period rose to $1.9 million from $1.2 million in the previous year.
Koei Group conducts its business through consolidated subsidiaries located in Japan, Singapore, Thailand and the United States. According to the filing, more than 95% of revenue in both fiscal 2026 and fiscal 2025 was generated from the sale of recycled materials and the resale of reused IT assets. The filing attributes the remaining approximately 5% of revenue to industrial waste management services and other service fees.
As part of the offering arrangements, the company has granted the underwriters a 45-day option to purchase additional common shares to cover any over-allotments. The filing also notes that Koei Group completed a 30,000-for-1 forward stock split of its outstanding common shares on September 8, 2025.
The registration filing presents the basic operating and financial profile of Koei Group and outlines the mechanics of the proposed U.S. listing, but it leaves several offering-specific items unspecified in the public document, including the proposed share count and the pricing range for the common shares. Market participants and potential investors will need to await further filings or a final prospectus for those details.
Summary
Koei Group has filed to list on Nasdaq under the symbol KOEI with Roth Capital Partners as the underwriter. The company reported revenue and net income increases for fiscal 2026, derives the vast majority of revenue from recycled materials and reused IT assets, and operates through subsidiaries in four countries. Key offering specifics were not disclosed in the filing.
Key points
- Koei seeks a Nasdaq Capital Market listing under the ticker KOEI with Roth Capital Partners as underwriter - capital markets sector impact.
- Fiscal 2026 revenue rose to $47.7 million and net income increased to $1.9 million, reflecting modest year-over-year growth - financials sector impact.
- More than 95% of revenue in both fiscal 2026 and 2025 came from recycled materials and reused IT assets; industrial waste management and other fees accounted for the remainder - materials, recycling and ITAD sectors impacted.
Risks and uncertainties
- The filing omits key offering parameters, including the number of shares to be sold and the offering price range, creating uncertainty for potential investors - impacts capital markets and investor decision-making.
- Revenue concentration is high: over 95% of revenue stems from recycled materials and reused IT assets, exposing the company to demand or price shifts in those markets - impacts recycling and IT asset disposition sectors.
- The underwriters have a 45-day option to buy additional shares to cover over-allotments, which could affect share supply dynamics if exercised - impacts listing mechanics and post-offering float.