Cloud communications and customer experience platform Toku is seeking to raise $16.25 million via its initial public offering (IPO) placement of 65 million shares at 25 cents a share, the company announced on Jan 14.
Toku was founded in 2018 by Thomas Laboulle, an infantry officer who served with the Belgian military from 2008 to 2010. After leaving the military, Laboulle joined the private sector and was the CEO of the telecommunications company GlobalRoam Group from 2016 to 2018.
Toku’s products include AI voice agents for handling customer queries as well as a cloud-based contact centre platforms for companies. Laboulle told The Edge Singapore that Toku’s name comes from the Japanese term meaning “to untie or to solve” and was chosen because it was easy for people to spell and remember.
Toku’s placement comprises 2 million public offer shares and 63 million placement shares. At an offering price of 25 cents apiece, the company is valued at $126.3 million.
The offer period starts from Jan 14 and will close on Jan 20 at noon. The company’s shares will be listed on the Singapore Exchange’s (SGX) Catalist board on Jan 22.
According to Toku, the company has received indications of interest from Lion Global Investors, Amova Asset Management (formerly Nikko Asset Management) and Ginko-AGT Global Growth Fund to participate in the offering.
See also: MiniMax shares double in Hong Kong debut after US$619m IPO
In addition, Toku’s non-independent and non-executive chair Lim Hwee Hua as well as the company’s pre-IPO investors, Asdew Acquisitions, ICH Synergrowth Fund and Han Seng Juan, joint chair for Centurion Corp (SGX:OU8
) , are keen on the offering as well.
"With data sovereignty and responsible AI becoming strategic priorities across both public and private sectors, Toku is well-positioned to meet the region's growing demand for trusted, compliant citizen and customer engagement," says Lim. “I am pleased to support a homegrown company building for these realities.”
Toku says it intends to use the IPO proceeds to invest in proprietary technology development as well as its research and development initiatives, fund the company’s global expansion, repay shareholder loans and finance potential strategic acquisitions.
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Toku’s revenue in FY2024 was $31.8 million, up from $21.6 million in FY2022. The company’s losses widened to $5.26 million from $3.97 million over the same period.
For 1HFY2025, Toku’s revenue was $16.6 million, a 4.7% y-o-y gain from 1HFY2024’s $15.9 million. The company’s losses went down 65% y-o-y to $961,7890 from $2.79 million over the same period.
PrimePartners Corporate Finance is the sponsor, issue manager and underwriter for Toku’s listing. Both PrimePartners and CGS International Securities Singapore will serve as the listing’s co-placement agents.
