Customer experience platform Toku’s IPO 31.9 times subscribed

[SINGAPORE] Customer experience platform Toku’s initial public offering (IPO) was 31.9 times subscribed, the company said on Wednesday (Jan 21).

The IPO drew 1,115 valid applications for its public tranche of two million shares at S$0.25 a piece. The placement tranche consisted of 63 million shares, for a total of 65 million shares.

It raised total gross proceeds of about S$16.3 million and will have a post-IPO market capitalisation of S$142.6 million.

Institutional investors such as Lion Global Investors, Amova Asset Management Asia, Asdew Acquisition and Ginko-AGT Global Growth Fund also participated in the IPO.

Five substantial investors were allotted more than 5 per cent of the total offering shares – Lion Global Investors, Amova Asset Management Asia, Ginkgo-AGT Global Growth Fund, Asdew Acquisitions and Han Seng Juan.

Lion Global Investors was allotted 12 million shares and Amova Asset Management Asia received 5.8 million shares. The remaining three investors were allotted four million shares each.

Under the public offer, those who had applied for between 100,000 and 499,900 shares were allocated the largest proportion of the offering, or 29.8 per cent, with 149 applicants given 4,000 shares each.

On the other end of the spectrum, those who applied for between 500,000 and 999,900 shares were only allocated 5.6 per cent, with seven applicants receiving 16,000 shares each.

Toku registered its IPO on Jan 14 and the counter will begin trading on SGX at 9 am on Thursday.