Tuya Inc, a Chinese Internet of Things (IoT) platform developer, raised $915 million by offering 43.6 million ADSs at $21, above the proposed range of $17 to $20.
The company has pioneered a purpose-built IoT cloud platform that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, and Software-as-a-Service, or SaaS, to businesses and developers.
The Hangzhou, China-based company was founded in 2014 and booked $180 million in revenue for the 12 months ended December 31, 2020. It plans to list on the NYSE under the symbol “TUYA.” Morgan Stanley, BofA Securities, and CICC are underwriters of the IPO.
The company engages Davis Polk & Wardwell LLP as US Securities Counsel, and PricewaterhouseCoopers Zhong Tian LLP, as Independent Auditor.
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