In contrast, Toku and The Assembly Place had a much warmer reception. Toku’s stock opened at 26 cents, 4% higher than its offer price of 25 cents. Prices later went up by as much as 17% before closing at 28.5 cents.
The Assembly Place opened at 31 cents, 35% above its offer price of 23 cents. Its shares later reached an intraday high of 33.5 cents before closing at 29 cents.
It is too early to draw any conclusions on what these two listings might signal for the IPO market in the year ahead. However, the impressive debuts of both Toku and The Assembly Place certainly lend confidence that this year’s market can be even more vibrant than last year’s.
Beating last year’s record would be no small achievement. IPO activity in 2025 was the highest in seven years, with 13 listings raising $2.8 billion. A strong performance this year will go a long way in proving to investors that 2025 was not just a fluke.
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Several lessons emerge for companies planning to go public this year. First, they need to be bold and deliberate in their choice of listing venue. Toku CEO Thomas Laboulle’s decision to list locally is as much a bet on Toku as it is a bet on the revival of the local stock market. “I liked what I saw and heard about the revival of SGX, and all the efforts that were coming together. I genuinely believe in what they are trying to achieve,” Laboulle told The Edge Singapore.
Secondly, the Monetary Authority of Singapore’s (MAS) $5 billion Equity Market Development Programme (EQDP) is working as intended. So far, $3.95 billion has been allocated to a total of nine fund managers. Three were involved in the two IPOs. Amova Asset Management Asia and Avanda Investment Management invested in Toku and The Assembly Place, respectively. Lion Global Investors invested in both companies.
Thirdly, business fundamentals matter. As a software company, Toku is able to tap into the tried-and-tested narrative of scalability and growth, likewise for The Assembly Place, which relies on its asset-light strategy of leasing properties directly from property owners. That’s the same approach adopted by Coliwoo, which has seen a pick-up in its stock price amid a growing number of buy calls from analysts. At one point, Coliwoo fell to a low of 54.5 cents on Jan 7 but hit a record high of 63.5 cents on Jan 23 amid a steady stream of positive analyst calls.
“Too often, technology companies from Asia look elsewhere for their public market milestones. We believe that can change,” says Laboulle. If companies learn from his example, that outcome could follow.
