Toku soars on Catalist IPO debut

[SINGAPORE] Customer experience platform Toku, Singapore’s second listing of the year, made its trading debut on the Catalist board on Thursday (Jan 22).

The counter opened at S$0.265 per share, 6 per cent above its initial public offering price of S$0.25 per share. Toku offered 63 million placement shares and two million public offer shares, which gave it a market capitalisation of around S$142.6 million.

It raised total gross proceeds of about S$16.3 million, which it said on Jan 14 will be used for expansion of its artificial intelligence-powered customer experience platform, tech development, and potential mergers and acquisitions as well as general working capital.

Toku offers AI-based cloud communications services to businesses, with a focus on Asia-Pacific, providing tools such as voice and messaging systems to support customer engagement.

The company, which was founded and is headquartered in Singapore, said it will also increase its depth in the markets it currently operates in and expand into new ones.

Its revenue has grown year on year, from US$21.6 million in FY2022 to US$28.8 million in FY2023 and US$31.8 million in FY2024. Still, the growth was accompanied by widening losses, and Toku plans to introduce efficiency gains to bring costs down.