Chinese software maker Tuya raises US$915m in US float

Finance | 18 Mar 2021 8:58 pm

Tuya Inc., a Chinese software company backed by New Enterprise Associates and Tencent Holdings, raised US$915 million in a U.S. initial public offering priced above its marketed range.

The company priced its sale of 43.59 million American depositary shares at US$21 each, according to terms of the deal obtained by Bloomberg News. Tuya had marketed the shares at US$17 to US$20 each.

At US$915 million, the listing ranks as the second-biggest U.S. IPO this year by a Chinese company, according to data compiled by Bloomberg, after RLX Technology Inc. raised US$1.6 billion in January.

The shares, representing one Class A common share, would give the company a market value of US$11.8 billion based on the outstanding stock listed in its filings with the U.S. Securities and Exchange Commission.

The company’s cloud computing platform is used by businesses to deploy, connect and manage large numbers and different types of smart devices, according to its filings. Tuya said it plans to use the IPO proceeds for research and development, investment in tech and infrastructure and other general corporate purposes.

Tuya had a net loss of US$67 million on revenue of $180 million in 2020.

The offering was led by Morgan Stanley, Bank of America Corp. and China International Capital Corp. The shares are expected to begin trading Thursday on the New York Stock Exchange under the symbol TUYA.


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