Chinabased tuya iot 915m ipo: Everything To Know About

Chinabased tuya iot 915m ipo: Everything To Know About

Written by thetechw, In Technology, Published On
September 29, 2022
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Chinabased tuya iot 915m ipo is a company that offers businesses a cloud computing platform that can be used to deploy, connect, and manage vast numbers of intelligent devices. In addition, the Tuya platform provides organisations and developers with a comprehensive set of services, such as Platform-as-a-Service (also known as PaaS) and Software-as-a-Service (also known as SaaS).

Programmers utilise it in constructing a smart-device platform based on a technology known as the Internet of Things. This technology links various physical devices to an extensive network that is interconnected. Tuya’s initial public offering (IPO) is a China technology company’s most extensive initial public offering (IPO) to list in the United States this year. Earlier, Tuya bid $21 per American depositary receipt for 43.6 million. This was significantly higher than the predicted $17 to $20. As a result, Tuya initially surged almost 26% to a price close to 26.30 before retracing its steps. Recently, Chinabased tuya iot 915m ipo stock finished trading on the stock exchange at 25, representing a growth of 19%. Through its subsidiary, Tencent Mobility, Tencent will maintain a 10.8 per cent ownership position in the company. Tencent is one of the most successful Internet firms in China and operates the world’s most widely used messaging service.

Tuya IPO Filing: 5,000 Customers

According to the Tuya IPO filing, “We have a vision that in the era of the Internet of Things, or IoT, every ‘thing’ will be connected seamlessly to unlock vast economic opportunities through software and to provide value for users.”

According to the business’s information, at the end of 2020, it had more than 5,000 clients and powered more than 116 million smart devices. The Tuya platform is compatible with various cloud providers, including Amazon (AMZN) Web Services, Microsoft (MSFT) Azure, and Tencent Cloud. Tuya announced sales of $179.8 million for the year 2020, which is a 70% increase from the previous year’s period. However, it had a net loss of $67 million to show for itself. This is a significant improvement over the last year’s loss of $70.5 million.

Tuya’s initial public offering (IPO) will be listed on the New York Stock Exchange (NYSE) under the ticker symbol TUYA. In addition, Morgan Stanley and BofA Securities are acting as the primary underwriters for this offering.

Chinabased tuya iot 915m ipo : Details

Chinabased tuya iot 915m ipo, backed by New Enterprise Associates and Tencent Holdings, raised USD 915 million in its first public offering in the U.S., which was priced above its marketed range.

Founded in 2014, Tuya is a cloud computing company that focuses on managing multiple intelligent devices. Bloomberg News got a copy of the agreement, which said the company would sell 43.59 million American depositary shares for US$21 each. Each share was sold for between $17 and $20 by Tuya.

Bloomberg says that the listing, which brought in $915 million, is the second-largest IPO by a Chinese company in the U.S. this year, after RLX Technology Inc., which brought in $1.6 billion in January.

Based on the outstanding stock listed in the company’s filings with the U.S. Securities and Exchange Commission, the company’s market value would be US$11.8 billion. Each share represents one Class A Common Share.

According to the Chinabased tuya iot 915m ipo ‘s filings, its cloud computing platform is used by businesses to set up, connect, and manage many different kinds of intelligent devices. In addition, Tuya said that the profits from the IPO would help the company reach its other general business goals, such as investing in research and development, infrastructure, and technological advances.

Tuya lost 67 million U.S. dollars in 2020, even though it made $180 million in sales. China International Capital Corp., Bank of America Corp., and Morgan Stanley led the offering. The shares are expected to start trading on the New York Stock Exchange under the ticker name TUYA.

Tuya listed its net loss as a risk in its paperwork to the SEC. Also, the company said that a small number of critical customers make up most of its income. The company has also had net losses in the past and “may not be able to become or stay profitable in the future.” However, six days before its IPO in the United States, Tuya made a deal with Turkish LED bulb maker LEDOLET to expand in Turkey’s intelligent lighting market. Also, the company said last month that it would help its business partners in Ukraine, Italy, and other European countries with technical support for smart home apps.

Conclusion

Chinabased tuya iot 915m ipo, a Chinese company that makes Internet-of-Things platforms, raised over $915 million in its first offering. This was the most money raised in a week. Businesses can use the company’s Platform-as-a-Service and Software-as-a-Service products to create, manage, and make money from IoT devices and services. At the end of the week, the stock was up 20%.

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