Japanese space debris removal startup Astroscale Holdings files for IPO, eyes $580M valuation

the Astroscale staffers
Image credit: Astroscale Holdings

Tokyo-based Astroscale Holdings, the Japanese company offering space debris removal services, announced on Wednesday that its initial listing application on the Tokyo Stock Exchange had been approved.

The company will be listed on the TSE Growth Market on June 5 with plans to offer 20,833,300 shares for public subscription and to sell 3,124,900 shares in over-allotment options for a total of 2,760,000 shares. The underwriting will be led by Mitsubishi UFJ Morgan Stanley Securities and Mizuho Securities while Astroscale’s ticker code will be 186A.

Based on the company’s estimated issue price of 720 yen ($5.2) per share, its market cap is approximately 80.4 billion yen ($577 million). Its share price range will be released on May 20 with bookbuilding scheduled to start on May 20 and pricing on May 24. The final public offering price will be determined on May 27. According to its consolidated statement as of April of 2023, the company posted revenue of 1.8 billion yen ($13 million) with an ordinary loss of 9.3 billion yen ($67 million).

Astroscale Holdings was first established as a limited liability company (LLC) in November of 2018 and then later reorganized as a company limited (Co., Ltd.) in December of 2018. The company provides debris removal technologies and services for orbit transfer and maintenance of satellites. The business was originally operated by Astroscale, a Singaporean entity founded in May of 2013, and then Astroscale Holdings became the parent company of it after the reorganization.

Led by the company’s founder and CEO Nobu Okada (26.78%), Major shareholders include INCJ (16.53%), aSTART (6.25% through three funds combined), JAFCO (TSE: 8595, 4.27%), Goonies (Yusaku Maezawa’s asset management company, 3.14%), Mitsubishi Electric (TSE: 6503, 2.57%), COO Chris Blackerby (2.54%), Japan Growth Capital Investment (managed by Nomura Sparx Investment, 2.45%), THE FUND (1.92%), MMA Investment LLP (1.35%), and Mitsubishi UFJ Capital (1.34%), among others.

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