Tuya Inc, a Chinese Internet of Things (IoT) platform developer, has filed Amendment No 1 to Form F-1 Registration Statement on March 12, 2021 with the U.S. Securities and Exchange Commission to announce terms for its IPO.
The company plans to raise $806 million by offering 43.6 million shares at a price range of $17 to $20. Assuming a successful IPO at the midpoint of the proposed price, the company expects a market capitalization of $10.4 billion.
The company has pioneered a purpose-built IoT cloud platform that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS, and Software-as-a-Service, or SaaS, to businesses and developers.
The Hangzhou, China-based company 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 underwriters of the IPO.
The company engages Davis Polk & Wardwell LLP as US Securities Counsel, and PricewaterhouseCoopers Zhong Tian LLP, as Independent Auditor.
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