Toku Ltd. Issues Key Update on Pre-IPO Lock-up Shares Ahead of SGX Catalist Listing

Overview

Toku Ltd., incorporated in Singapore, has released an important update regarding the shareholding structure for its Minimum Moratorium Investors in advance of its upcoming listing on the SGX Catalist board scheduled for 22 January 2026. This announcement clarifies details originally disclosed in the company’s offer document registered with SGX-ST on 14 January 2026.

Key Points from the Update

• Correction to Lock-up Shares for Minimum Moratorium Investors: The company has revised the number of “Relevant Lock-up Shares” attributed to its Minimum Moratorium Investors. This affects both the First and Second Pre-IPO Investor Lock-up Periods, which are crucial for understanding the potential supply of shares that could enter the market after the lock-up expires.
• Initial Figures (Now Corrected):
  • First Lock-up Period: 51,126,205 shares (8.97% of total issued shares immediately after Invitation)
  • Second Lock-up Period: 21,384,377 shares (3.77% of total issued shares)
• Revised Figures (Accurate Totals):
  • First Lock-up Period: 49,726,205 shares (8.72% of total issued shares)
  • Second Lock-up Period: 19,984,377 shares (3.50% of total issued shares)

  This means that fewer shares will be subject to lock-up than previously stated, impacting post-IPO share supply dynamics.

• Individual Minimum Moratorium Investors and Their Updated Allocations:
  • Mr. Chan Chor Kai: 100,000 shares (0.02%) per lock-up period
  • Mr. Law Ren Kai Kenneth: 120,000 shares (0.02%) per lock-up period
  • Mr. Andrew Khan Chong Wei: 130,000 shares (0.02%) per lock-up period

Implications for Shareholders and Potential Price Sensitivity

• Reduced Lock-up Shares: The downward adjustment in locked-up shares means there will be a slightly smaller “overhang” of shares potentially entering the market as the lock-up periods expire. This could be positive for share price stability, as it reduces potential future selling pressure.
• Transparency and Disclosure: The company’s clarification underscores its commitment to transparency with investors ahead of its public listing. Shareholders should closely monitor the final lock-up structure as it will affect future liquidity and possible price movements after the lock-up period ends.
• Listing Information: Toku Ltd. will debut on the SGX Catalist on 22 January 2026, sponsored by PrimePartners Corporate Finance Pte. Ltd. The announcement also notes that the SGX-ST has not reviewed or approved the content of this update, which is standard for such disclosures.

What Shareholders Should Watch

• Lock-up Expiries: Investors should be aware of the precise dates and volumes of shares eligible for sale as lock-up restrictions expire. The correction means the dilution risk is slightly less than previously anticipated.
• Potential for Share Price Movements: Any changes to lock-up arrangements and the number of shares entering the market post-IPO can influence supply-demand dynamics and thus impact Toku Ltd.’s share price.
• No Regulatory Endorsement: The company reiterates that the SGX-ST does not assume responsibility for the content of this announcement, and investors should perform their own due diligence.

Contact Information

For further queries, investors can reach the listing sponsor, PrimePartners Corporate Finance Pte. Ltd., via Mr. Mark Liew at 16 Collyer Quay, #10-00 Collyer Quay Centre, Singapore 049318, or at [email protected].

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should consult their own professional advisers and consider their own investment objectives and risk profile before making any investment decisions. The Singapore Exchange Securities Trading Limited (SGX-ST) has not reviewed or approved the contents of this article, and assumes no responsibility for its accuracy or completeness.

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