March 11 (Reuters) - Papa John's International is reviewing a fresh bid from Irth Capital Management to take the U.S. pizza chain private, valuing it at about $1.5 billion, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

Shares of Papa John's were up 18% in afternoon trading following the news.

Irth has offered $47 per share for the company, the report said, representing a premium of about 44% to the stock's last close. Papa John's has a market value of around $1.07 billion, according to data compiled by LSEG.

Papa John's and Irth did not immediately respond to Reuters' request for comment.

Apollo Global withdrew its offer to take the pizza chain private for $64 a share, Reuters had reported in November.

Following this development, activist investor Irenic Capital Management built a stake in Papa John's, adding to the mounting speculation about the pizza chain's future.

Apollo and Irth Capital Management submitted a joint offer for the company at just above $60 per share earlier last year, before Apollo submitted a solo bid in early October, Reuters previously reported.

There is no certainty Papa John's will accept Irth's offer under review and another bidder could emerge, the WSJ report said, adding that the proposal includes backing from Brookfield Asset Management ( BAM ).

Irth, established in 2024 and backed by a member of the Qatari royal family, is led by co-founders Sheikh Mohamed bin Abdulla Al-Thani and Matthew Bradshaw.

A deal for Papa John's would be among its first major transactions, the report said.

Papa John's started in Jeffersonville, Indiana, in 1984 and went public in 1993. It has been attempting a turnaround strategy after years of battling weak demand under multiple CEOs.