Astroscale shares soar in Tokyo stock market debut | Markets

CAPE CANAVERAL, Fla. — Shares in satellite servicing and debris removal company Astroscale jumped in the first day of trading on the Tokyo Stock Exchange June 5, giving the company a valuation of about $1 billion.

Astroscale started trading on the Tokyo Stock Exchange Growth Market, a portion of the exchange for companies with higher growth potential but also higher risk, at 850 yen ($5.46) per share. Those shares closed at 1,375 yen after trading as high as 1,581 yen during the day.

The company announced plans May 1 to go public, offering 20.8 million shares. The closing price gave the Tokyo-based company a market cap of 155.4 billion yen, or $1 billion.

Astroscale, with offices in France, Israel, the United Kingdom and the United States, is developing several systems to extend the life of satellites and to actively remove debris. The company reported 1.79 billion yen in revenue in the fiscal year that ended in April 2023 but a net loss of 9.26 billion…

Source spacenews.com

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