Tuya, which provides an IoT cloud platform for smart devices, announced terms for its IPO on Friday.
The Hangzhou, China-based company plans to raise $806 million by offering 43.6 million ADSs at a price range of $17 to $20. Insiders Tencent and Hillhouse Capital, and new investors CPPIB, Dragoneer Investment Group, GIC, and Tiger Global Management intend to purchase an aggregate of $500 million worth of ADSs in the offering. At the midpoint of the proposed range, Tuya would command a market value of $10.4 billion.
Tuya provides an IoT cloud platform with a full suite of offerings, including Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS), to businesses and developers. Through its platform, the company enables developers to activate an IoT ecosystem of brands, OEMs, partners, and end users to engage and communicate through a broad range of smart devices. In 2020, Tuya's IoT PaaS enabled over 2,700 brands to develop their smart devices, including Calex, Philips, and Schneider Electric, and it powered over 116.5 million smart devices. The company also has a growing base of Industry SaaS customers, with a community of over 262,000 IoT device and software developers as of December 31, 2020.
Tuya 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 the joint bookrunners on the deal. It is expected to price during the week of March 15, 2021.
