Cloud communications and customer experience platform Toku (SGX:TKU
) closed at 28.5 cents on its first day of trading on Jan 22, after reaching an intraday high of 30.5 cents.
Founded in 2018 by former GlobalRoam Group CEO Thomas Laboulle, Toku is the first company to list on the SGX in 2026. As part of the listing, 65 million shares were offered to investors at 25 cents apiece, giving it a post-IPO market capitalisation of $142.56 million.
Toku debuted on the Catalist board of the Singapore Exchange (SGX) at 26 cents, 4% above its offer price. The company is backed by venture capital and private equity funds such as Delivery Hero Ventures, Neptune Invest Asia and Tembusu Partners. Notably, Tembusu Partners co-chair and former Singapore minister Lim Hwee Hua is the company’s non-executive chair.
Laboulle told The Edge Singapore that Toku was initially aiming for a Nasdaq listing but he changed his mind after hearing about the “revival of SGX [Singapore Exchange] and all the efforts that were coming together.”
“We chose to live here in Singapore, deliberately,” says Laboulle at Toku’s listing ceremony on Jan 22. “Too often, technology companies from Asia look elsewhere for their public market milestones. We believe that can change.”
Toku’s IPO was 1.9 times subscribed. Out of the 65 million shares offered, 2 million public offer shares were 31.9 times subscribed while 63 million placement shares were fully subscribed for.
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Nearly 30 million shares were allocated to cornerstone investors. They include: Lion Global Investors (12 million shares), Amova Asset Management Asia (5.77 million shares), Ginko-AGT Global Growth Fund (4 million shares), Han Seng Juan (4 million shares) and Asdew Acquisitions (4 million shares).
The IPO raised a total of $16.25 million and Toku says the capital will be used to fund potential strategic acquisitions, repay their shareholder loans as well as finance their global expansion plans.
PrimePartners Corporate Finance is the sponsor, issue manager and underwriter for the listing. PrimePartners and CGS International Securities Singapore are the co-placement agents for Toku’s listing.
