The China-based and Tencent Holdings-backed firm has raised a whopping amount of $915 million in the US IPO, which is undoubtedly way more than its marketed range. To know more in detail about Tuya Inc. and how it grew over a short span of time, read the following article.
It’s not like a Chinese brand waved a magic wand singing “Go rise and shineee” and did wonders for the first time ever. China has done more than enough in the marketplace over the years, covering most fields, and continues to do so.
And to let you know where we are going with this, another China-based brand has achieved vital growth in the IPO industry. The vital growth here means… a significant amount of profit, which wasn’t expected from the brand during its initial years.
If you haven’t heard of Tuya Inc. before, it is making enough noise to make its name at the top of the US IPO charts. Everyone is in a frenzy that “Why was the Chinese software company Tuya listed on New York Stock Exchange?” and if you are also wondering how, let us enlighten you.
The fact that you are settling in to read this content makes one thing clear: you’re curious to know about what Tuya is and how it became where it stands today. So now, let’s dive right into the details!
Tuya is a Chinese software company and a platform that can deploy, connect and manage massive numbers of intelligent devices. To put it more simply, the company is mainly focused on providing a variety of PaaS and SaaS services for a range of various devices.
Found in 2014, the chinabased tuya iot 915m us ipo brand specializes in
managing various smart devices. It is backed by Tencent Holdings Ltd. and New Enterprise Associates. It is a cloud computing company that set the price per share at $21 for the sale of 43.59 million American depositary shares, and the brand later sold each share between $17 and $20.
The Tuya company is based in Hangzhou, China, and envisions becoming the biggest IoT platform worldwide. In fact, its IoT PaaS platform has already surpassed more than 2,700 brands in creating smart devices and chinabased tuya iot 915m ipo surely has the caliber to have a good win-win in the competitive industry.
China-based Tuya IoT 915M US IPO plans to provide seamless connectivity in IoT for more than 116 million smart devices. Since the platform has compatibility with major brands such as Amazon Web Services and Microsoft, etc.
As per provided information by the business, China-based Tuya IoT 915M IPO had more than 5,000 customers by the end of 2020 and powered more than 116 million smart devices. Tuya has compatibility with many cloud providers like Tencent Cloud, Amazon (AMZN), Web Series Microsoft (MSFT), and Azure. In the year 2020, Tuya had an increase of 70% from last year’s period and announced sales of $179.8 million. But, it also had a loss of $67 million as a net loss
As per Tuya’s IPO filing, “We have a vision that in the era of Internet of Things, or IoT, every ‘thing’ will be connected seamlessly to unlock vast economic opportunities via software and to provide value for users.”
As the plans for China-based Tuya IoT 915M US IPO to list on the NYSE under the ticker symbol TUYA was a success, it can be a way to make money by investing in the cloud-computing brand.
Tuya offers an open-based system for integration with cloud infrastructure components. And this results in a smooth integration with smart home services and leading IoT. It supports more than a hundred categories and around 200 countries for smart services. Not only that, it also provides a whole set of complete services for the ecosystem of smart-device. Tuya has over a hundred million IoT connected devices that make it the biggest provider of this type on the basis of volume.
Tuya has its shares to sell to the public and every share represents one “Class A Common Share.” as of now, it stands at a market value of US$11.8 Billion. The US$915 million that the company raised as its IPO proceeds, Tuya plans to use for improving its technology and expanding its business or new markets.
Apart from that, as the brand has distinguished on how it should spend the proceeds, $806 is planned to be spent in the IPO itself with its IPO share priced at $10.1 billion. The advisors are Morgan Stanley and China International Capital Corp.
Since there is a growing demand for smart devices, many brands and manufacturers are planning to make their products and services smart. And for this, they need to make investments in places like cloud infrastructure, software engineering, and hardware. So this is exactly where the Tuya IoT steps in and makes the magic happen. With the help of Tuya’s cloud platform, developers can have ease in creating smart devices and customize them with various device apps as well.
So undoubtedly, technology really is running at the speed of a bullet train. Only time will tell what it holds in the store for us and brands like Tuya that continue to advance and bloom.
Ans: Yes, before Tuya, RLX Technology Inc. had raised US$1.6 billion around January in the U.S.
Ans: Yes, in 2020, even though Tuya made $180 million in revenue, it had a net loss of $67 million.
Ans: Tuya Inc. is currently at $1.00 USD, at the time of writing.