Tuya, which provides a consumer interface platform for smart device makers in China, raised $915 million by offering 43.6 million ADSs at $21, above the range of $17 to $20. Insiders Tencent and Hillhouse Capital, and new investors CPPIB, Dragoneer Investment Group, GIC, and Tiger Global Management had indicated on $500 million worth of ADSs in the offering.
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.
Tuya plans to list on the NYSE under the symbol TUYA. Morgan Stanley, BofA Securities and CICC acted as lead managers on the deal.
