Space janitor startup Astroscale jumps 51% in Tokyo debut (updated)
05/06/2024 02:47
(Recasts with first price, background)
TOKYO, June 5 (Reuters) - Shares of Japanese space junk
removal startup Astroscale Holdings 186A.T rose 51% in their
debut on Tokyo's growth market on Wednesday.
The stock first traded at 1,281 yen per share, compared with
an initial public offering (IPO) price of 850 yen, valuing the
company at 145 billion yen ($934 million).
Astroscale sold 12.49 million shares in Japan and 9.68
million shares overseas, after pricing the IPO at the top of its
indicated 750-850 yen range. That doesn't include a greenshoe
option - allowing security underwriters to sell more if there is
additional demand - of 3.12 million shares.
The startup has won government backing in Japan, the United
States and Britain as it develops technology to remove orbital
debris seen as a collision risk and to extend the life of
satellites.
Astroscale follows suit of moon explorer ispace 9348.T and
radar satellite maker iQPS 5595.T , which went public last year
as investors, especially retail traders, pay growing attention
to Japanese space companies backed by the government's policy.
Japan has pledged billion-dollar space grants and contracts
for private firms to boost its national security and to double
the size of the domestic space industry to 8 trillion yen by the
early 2030s.
($1 = 155.2700 yen)
(Reporting by Kantaro Komiya; Editing by Christopher Cushing
and Gerry Doyle)
((Kantaro.Komiya@thomsonreuters.com; Twitter: @kantarokomiya;))