<ul><li>Toku is a cloud-native AI-powered Customer Experience (CX) platform in APAC. It offers enterprises an integrated suite that seamlessly orchestrates conversations across multiple communication platforms, while navigating regulatory, linguistic, and infrastructure challenges in complex and fragmented markets</li><li>Toku has reported strong revenue growth, rising 47.4% between FY2022 to FY2024 to US$31.8 million, while gross profit nearly doubled to US$8.7 million over the same period. As of Nov 2025, the Group had an Order Book of US$23.4 million, representing future secured revenue derived from signed customer contracts</li><li>Toku is offering 65 million invitation shares at S$0.25 per share, comprising 2 million public offer shares and 63 million placement shares. It will raise gross proceeds of S$16.3 million, with the bulk of proceeds going towards accelerating the expansion of its AI-powered 360° CX Platform and for potential strategic acquisitions, partnerships, and general corporate purposes</li></ul>Toku is a cloud-native AI powered 360° CX platform in APAC, which enables organisations to seamlessly orchestrate conversations across voice, chat, email and other digital channels while navigating complex regulatory, linguistic, and infrastructure requirements.  Established in 2017, the Group offers a comprehensive range of products and solutions on a modular basis, covering connectivity, embeddables (including communication APIs and developer tools), end-to-end customer engagement solutions, and conversational AI technology.Toku owns the entire end-to-end technology stack of its Core AI Suite fundamental to its 360° CX Platform, that comprises of Toku Transcribe, Toku Summarise, Conversation Analytics, and Sentiment Analysis. Its purpose-built infrastructure and flexible architecture enables the company to support hybrid deployment, provide localised and tailored solutions for enterprises who operate across diverse, tightly regulated sectors or countries. With an enterprise-only focus, Toku now serves customers across 34 countries, including multinational corporations. This includes an established presence in APAC – including Singapore, Malaysia, and Hongkong, as well as its recent expansion into LATAM and MENA markets – which positions the company to capture value in these high-growth emerging regions. Toku’s clientele spans across diverse industries such as Government Agencies, Internet Marketplaces, Travel, Financial and Insurance Services etc.<img src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/Toku%20MU%20Picture1_0.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="870" height="437" original-src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/Toku%20MU%20Picture1_0.png"/>Market Outlook (Page 209 to 211 of the Final Offer Document)According to Frost &amp; Sullivan,<ul><li>Strong Growth in the Global Contact Centre Solutions Market: The global contact centre solutions market is expected to grow at a CAGR of 12.8% from US$11.8 billion in 2025 to US$21.6 billion by 2030. This is largely driven by enterprise digital transformation initiative, widespread adoption of AI in customer service, and an ongoing migration from on-premises to cloud-based solutions.</li><li>Expansion of Total Addressable Market: Enterprise demands are shifting towards integrated platforms that span the entire customer engagement ecosystem. This has led to the convergence of CCaaS (Contact Centre as a Service), CPaaS (Communications Platform as a Service) and UCaaS (Unified Communications as a Service) into a unified platform. As traditional boundaries dissolve, the total addressable market expands beyond the core projection, and creates opportunities for comprehensive platform providers to capture value across multiple budget categories previously allocated to separate vendors.</li><li>Growth of Emerging Markets: Emerging economies present significant growth opportunities due to digital leapfrogging, rapid digital economy expansion, increasing enterprise technology adoption, and growing demand for customer experience solutions. However, they are currently underserved by global providers due to market complexity involving the need for localised solutions. </li></ul>Competitive Advantages <ul><li>Enterprise AI Capabilities: Toku has developed proprietary AI technology, including its Core AI Suite, that is accurate in multilingual environments (including code switching, diverse regional accents, and low-quality telephone audio), while maintaining data sovereignty through flexible deployment architecture and in-country processing options. These maintain the control, reliability, and critical compliance standards that enterprises require.</li><li>Expertise in Complex, Fragmented Markets: With purpose-built infrastructure serving customers across 34 countries, Toku has a proven track record of successfully operating in complex regulatory and linguistically diverse environments globally. The company’s scalable market entry model positions Toku for further geographical expansion.</li><li>End-to-End Technology Stack Ownership and Value Chain Control: Toku controls the entire technology and service delivery stack from connectivity through to AI applications and professional services implementation and is not reliant on third-party infrastructure and outsourced services.</li><li>Enterprise Grade Platform Architecture: Toku’s deliberate enterprise-only focus has enabled the company to<ul><li>Develop sophisticated capabilities to meet the demands of large, complex organisations operating across multiple markets</li><li>Deploy flexibly across public clouds, government clouds, and private data centres</li><li>Address regulatory compliance across multiple jurisdictions, multi-market presence management for regional operations, and diverse infrastructure requirements of enterprise customers</li></ul></li><li>360° CX Platform: Toku’s comprehensive platform spans the entire customer experience ecosystem while maintaining the flexibility for enterprises to adopt capabilities progressively.</li></ul>Strategies &amp; Plans<ul><li>Establishing Toku as the definitive AI-powered customer experience platform for complex, multilingual markets<ul><li>Expansion of Core AI Suite across new languages and industry verticals, and developing AI agents</li></ul></li><li>Expanding into MENA, Europe and North American markets<ul><li>Expand from APAC to new markets using partner-led approaches and direct enterprise sales</li></ul></li><li>Improve margins via revenue mix optimisation and operational improvements<ul><li>Increase Subscriptions and Licensing revenue, and improve pricing as the brand strengthens and platform matures</li></ul></li><li>Acquiring targets that offer a combination of strategic and commercial value<ul><li>Pursue acquisitions that add customers, markets, or technology, and accelerate cross-selling opportunities.</li></ul></li></ul>Key risks (Refer to page 50 to 88 of the Final Offer Document for a complete list of Risk Factors)<ul><li>Toku has ongoing losses, negative working capital and negative operating cash flows. Its reliance on external financing and capital raising may affect its ability to continue as a going concern if it is unable to secure adequate financing or achieve operational profitability.</li><li>Toku faces execution risks in the deployment of AI amid the evolving operational, legal and competitive landscape, which could compromise on the return of investments.</li><li>Rapid technological transformation and intense competition in the CCasS, CPaas, UCaas markets requires Toku to keep pace in continuous innovation and adaptation to maintain competitiveness and retain customers.</li><li>Toku’s enterprise-focus customer segment may cause unpredictable financial results due to greater costs, longer sales and implementation cycles, and less predictability in closing sales. </li></ul>Financials &amp; Valuation<ul><li>Toku has demonstrated revenue growth of +47.4% from US$21.6 million in FY2022 to US$31.8 million in FY2024, primarily due to contributions from the company’s Activeo SEA acquisition, continued adoption of its solutions, expansion into LATAM, and growing demand for AI-powered CX solutions.</li><li>From 1H2024 to 1H2025, revenue grew by +4.7% from US$15.9 million to US$16.6 million 2024, largely contributed by the continued growth in platform usage across APAC and LATAM.</li><li>Toku has an Order Book of US$23.4 million, and a Net Revenue Retention (NRR) of &gt;150% for its Subscription and Licensing Business – demonstrating strong customer adoption, retention, and successful account expansion.  Toku noted in the offer document that current market conditions are favourable for platform providers with proven capabilities in complex markets. Its sales pipeline momentum and substantial order book gives management confidence in driving revenue growth that supports its progression towards profitability.</li></ul><img src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/Toku%20MU%20IPO%20Picture%202_0.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="784" height="436" original-src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/Toku%20MU%20IPO%20Picture%202_0.png"/><ul><li>Gross profit margins improved from 20.7% in FY2022 to 27.4% in FY2024. Net losses, however, widened from - US$4.0 million in FY2022 to -US$5.3 million in FY2024, primarily due to increasing costs of selling and marketing, general expenses, and net finance costs.</li><li>The Group’s overall gross profit margins may be lower than industry benchmarks for pure software companies, but this is largely due to its integrated platform strategy, which combines connectivity infrastructure with higher margin offerings such as software and services. This approach creates significant competitive advantages through operational lock-in and superior service quality. Management has identified mechanisms for margin improvement over the medium term including through revenue mix optimization and operational leverage and automation.</li></ul><img src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/Toku%20MU%20IPO%20Picture%203.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="680" height="385" original-src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/Toku%20MU%20IPO%20Picture%203.png"/>SaaS Providers listed on SGXApart from Toku, other software-related companies listed on SGX include Info-Tech Systems, AvePoint Inc., and Azeus System Holdings : <table><tbody><tr><td>Stock Name</td><td>Stock Code</td><td>Mkt Cap (S$ million)</td></tr><tr><td>Info-Tech Systems</td><td>ITS</td><td>197.4</td></tr><tr><td>AvePoint Inc.</td><td>AVP</td><td>3,521.3</td></tr><tr><td>Azeus Systems Holdings</td><td>BBW</td><td>357.0</td></tr></tbody></table>Read More about the SaaS sector here Use of Proceeds of the IPOThe company plans to use the IPO proceeds to fund R&amp;D for its AI-powered 360° CX platform, fund partnerships and acquisitions, expand its cash reserves, and repay shareholder’s loans.<img src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/Toku%20MU%20IPO%20Picture%204.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1258" height="604" original-src="https://imageproxy.pbkrs.com/https://api2.sgx.com/sites/default/files/2026-01/Toku%20MU%20IPO%20Picture%204.png"/>Additional Information from the Final Offer Document<ul><li>Offer price at S$0.25 per share</li><li>A total of 65,000,000 invitation shares, comprising of 2,000,000 public offer shares and 63,000,000 placement shares</li><li>Gross proceeds at S$16.3 million from the invitation</li><li>Estimated IPO market capitalization at S$142.6 million</li><li>Investors who indicated an interest to subscribe for invitation shares:<ul><li>Ms Tan Hwee Hua @ Lim Hwee Hua (Toku’s Non-Independent Non-Executive Chairman)</li><li>Lion Global Investors</li><li>Amova Asset Management Asia</li><li>Ginko-AGT Global Growth Fund</li><li>Asdew Acquisitions Pte Ltd</li><li>Han Seng Juan</li><li>ICH Synergrowth Fund </li></ul></li></ul>Did you know?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. From 2024 to 2025, the company was recognized as one of LinkedIn’s Top Startups, and was ranked among Singapore and APAC’s Fastest Growing Companies by The Straits Times, The Financial Times and Statista.Enjoying this read?<ul><li>Subscribe now to our SGX My Gateway newsletter for a compilation of latest market news, sector performances, new product release updates, and research reports on SGX-listed companies.</li><li>Stay up-to-date with our SGX Invest Telegram channel. </li></ul>

Toku, a cloud-native AI-powered Customer Experience platform in APAC, has debuted on the SGX. The company reported a 47.4% revenue growth to US$31.8 million from FY2022 to FY2024, with gross profit nearly doubling to US$8.7 million. Toku is offering 65 million shares at S$0.25 each, aiming to raise S$16.3 million for expansion and strategic initiatives. The global contact center solutions market is projected to grow significantly, driven by digital transformation and AI adoption, presenting opportunities for Toku in emerging markets.

Toku – Leading Cloud-Native AI-Powered CX Platform in APAC – Debuts on SGX