The initial public offering (IPO) of local technology company Toku was 1.9 times subscribed. The cloud communications and customer experience platform is the first company to list on the SGX in 2026.
Toku’s offer period ran from Jan 14 to Jan 20. The company’s shares will commence trading at 9 am on Jan 22 under the ticker symbol TKU. The placement comprises 2 million public offer shares and 63 million placement shares at 25 cents apiece. Based on the offer price as well as Toku's post-offer share capital of 570.24 million shares, the company has a post-IPO market capitalisation of $142.56 million.
The retail tranche was 31.9 times subscribed after Toku received 1,115 applications for 63.88 million shares. The placement shares were fully subscribed for.
Nearly 30 million shares were allocated to cornerstone investors 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).
PrimePartners Corporate Finance is the sponsor, issue manager and underwriter for the listing. In addition, PrimePartners is the listing’s co-placement agent, serving alongside CGS International Securities Singapore. CGS was alloted 780,000 shares under the placement.
Founded in 2018 by the former CEO of GlobalRoam Group Thomas Laboulle, Toku is backed by venture capital and private equity funds such as Delivery Hero Ventures, the venture arm of the company that controls foodpanda, Paris-based Neptune Invest Asia and Singapore-based Tembusu Partners.
See also: Tencent, Fidelity and Temasek said to back IPO of Busy Ming — Bloomberg
Lim Hwee Hua, Tembusu Partners co-chair, is also Toku’s non-independent and no-executive chair. Lim is a former Singapore minister who retire from politics in 2011. She was alloted 100,000 shares under the placement.
While Toku’s revenue has risen from $21.6 million to $31.8 million between FY2022 to FY2024, its losses have also widened from $3.97 million to $5.26 million over the same period.
Laboulle told The Edge Singapore that the losses were due to investments made by the company into areas such as legal, regulation and security. This helped Toku to land contracts with major clients such as government agencies. “So far, we haven’t seen any of our enterprise clients leave. That justifies the growing pains and the investment required to serve the enterprise market.”
Toku’s IPO raised a total of $16.25 million. The company says the proceeds will be used to fund potential strategic acquisitions, repay their shareholder loans as well as finance their global expansion plans.
