China-based IoT company, Tuya Inc., is planning to go public in the United States with an initial public offering (IPO) that could raise as much as $915 million. The company is looking to list on the New York Stock Exchange (NYSE) and is expected to have a market capitalization of around $14 billion.
What is Tuya Inc.?
Tuya Inc. is a China-based Internet of Things (IoT) company that provides software and services to companies that make smart home devices. The company was founded in 2014 and has since become one of the leading providers of IoT solutions in China, with over 180,000 clients worldwide. China-based IoT Company Plans $915M US IPO offers a platform that allows companies to quickly and easily develop and launch their own smart home products, including smart lighting, security systems, and appliances.
Why is Tuya Inc. Going Public?
Tuya Inc. is going public to raise funds to further expand its business and increase its market share. The company has seen tremendous growth in recent years, with revenue more than doubling from $55 million in 2018 to $144 million in 2019, and then again to $285 million in 2020. China-based IoT Company Plans $915M US IPO is now looking to expand its operations globally and invest in research and development to stay ahead of the competition.
Tuya’s IPO Plans
Tuya Inc. is planning to sell 43.6 million American depositary shares (ADSs) at a price range of $16.50 to $18.50 per ADS. If the company prices its IPO at the high end of that range, it would raise $915 million, making it one of the largest IPOs of a Chinese company in the United States this year. The shares will trade on the NYSE under the ticker symbol “TUYA.”
The company’s IPO is being led by Goldman Sachs, Morgan Stanley, and BofA Securities. Tuya has also granted the underwriters a 30-day option to purchase up to an additional 6.5 million ADSs at the IPO price.
Tuya’s Future Plans
Tuya’s IPO will give the company the funds it needs to continue expanding its business globally. The company is planning to use the proceeds from the China-based IoT Company Plans $915M US IPO to invest in research and development, expand its sales and marketing efforts, and acquire complementary businesses. Tuya’s ultimate goal is to become the leading IoT company in the world and the go-to platform for companies looking to develop and launch their own smart home products.
Tuya Inc.’s IPO is set to be one of the biggest of the year, with the company looking to raise $915 million to expand its business globally. Tuya’s platform allows companies to quickly and easily develop and launch their own smart home products, and the company has seen tremendous growth in recent years. With its IPO, Tuya hopes to continue its expansion and become the leading IoT company in the world.