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Toku Limited IPO (SGX: Catalist) — A Cloud & AI CX Play for APAC

This blogpost is generated by ChatGPT with edits from Mr. IPO (let's see if this LLM actually works) Toku Limited IPO – Growth Story with Execution Risk Toku Limited is launching its IPO on the SGX Catalist board at an offer price of S$0.25 per share , valuing the company at approximately S$142.6 million post-listing. The offer consists of 65 million shares , of which only 2 million shares are available to the public , with the rest placed out to institutional and accredited investors. The IPO will close on 20 Jan noon and start trading on 22 Jan 9am. Toku positions itself as an AI-powered, cloud-native customer experience (CX) platform , serving enterprise customers across voice, messaging, chat and omnichannel communications, with a strong focus on APAC and other complex markets . If you want to know more about the business model, you can watch the video on the website . The business is similar to Twilio or Message Bird . There is only an interesting article behind paywall...
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Saizen REIT


(Japanese-tori decorated IPO booth at Raffles Place)

Saizen REIT is Singapore's first Japanese residential reit to be listed on SGX. Saizen is offering 196,740,000 Units at S$1 each. The IPO will close on Nov 5 at 8 am.



The 6.5% yield is a bit misleading as it is based from the period from 5 Nov 2007 to 30 June 2008. For the full year from 1 July 2008 to 30 June 2009, the yield is expected to be 5.65%. Investors who want exposure in this REIT should consider the following:
(1) Residental property outlook for the Japan market (an improving market will increase the value of the properties held by the Trust);
(2) The JPY/SGD forex rate. A weak Yen against S$ will mean a lower rental income in S$.
(3) A rise in lending rate in Japan market may increase the cost of borrowing. As it is, the borrowing cost of Yen is low, so any increase in borrowing rate will increase the cost of financing.

You will need to consider if this asset class is suitable to you. For those who punt IPOs, it is likely to be a stag on the first day due to the following:

- Good underwriters in Morgan Stanley
- Stablisation process by Manager
- Yield compression to 5% may provide some upside to IPO price of between $1.10 to $1.30
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