A company in China called tuya iot 915m ipo offers businesses a cloud computing platform that can be used to set up, connect, and manage a huge number of smart devices. The Tuya platform also offers businesses and developers a wide range of services, such as Platform-as-a-Service (also called PaaS) and Software-as-a-Service (also known as SaaS).
It is used by programmers to build a platform for smart devices based on a technology called the Internet of Things. This technology connects a wide range of physical devices to a network that links them all together. This year, Tuya’s initial public offering (IPO) is the largest IPO by a Chinese technology company to list in the United States.
Tuya had already bid $43.6 million, or $21 per American depositary receipt when he bid before. This was a lot more than the $17 to $20 that was expected. Because of this, Tuya’s price went up almost 26% at first and got close to 26.30 before going back down. Recently, China-based tuya iot 915m ipo stock ended trading on the stock exchange at a price of 25, which is a 19% increase from where it started.
Tencent will still own 10.8 percent of the company through its subsidiary, Tencent Mobility. Tencent is one of the most successful Internet companies in China, and it runs a messaging service that is used the most around the world.
Tuya’s IPO Application: 5,000 Clients
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 provide value for users.”
According to what the company says, it will have more than 5,000 clients and power more than 116 million smart devices by the end of 2020. The Tuya platform works with a number of cloud services, such as Amazon Web Services, Microsoft Azure, and Tencent Cloud. Tuya said that its sales for 2020 will be $179.8 million, which is a 70% increase from the same time last year. But in the end, it had a net loss of $67 million. This is a big change from last year when they lost $70.5 million.
The ticker symbol for Tuya’s initial public offering (IPO) on the New York Stock Exchange (NYSE) will be TUYA. The main underwriters for this offering are also Morgan Stanley and BofA Securities.
Tuya Iot 915m Ipo, which is based in China:
In its first public offering in the U.S., China-based tuya iot 915m ipo, which was backed by New Enterprise Associates and Tencent Holdings, raised USD 915 million. The price was higher than what was advertised.
Tuya is a cloud computing company that started in 2014 and focuses on managing many smart devices. The agreement, which Bloomberg News got a copy of, said that the company would sell 43.59 million American depositary shares for US$21 each. Tuya sold each share for between $17 and $20.
Real estate news Toronto 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 market value of the company would be US$11.8 billion. One Class A Common Share is equal to one share.
The filings for the China-based tuya iot 915m ipo show that businesses use its cloud computing platform to set up, connect, and manage many different types of smart devices. Tuya also 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.
Even though it made $180 million in sales, Tuya lost $67 million in 2020. The offering was led by China International Capital Corp., Bank of America Corp., and Morgan Stanley. The ticker name for the shares will be TUYA when they start trading on the New York Stock Exchange.
In its paperwork to the SEC, Tuya said that its net loss was a risk. Also, the company said that most of its money comes from a small number of very important customers. The company has also had net losses in the past, and “it may not be able to become or stay profitable in the future.” But six days before its IPO in the United States, Tuya made a deal with Turkish LED bulb maker LEDOLET to grow in Turkey’s smart lighting market. Also, the company said last month that it would offer technical support for smart home apps to its business partners in Ukraine, Italy, and other European countries.
In its first offering, China-based Internet-of-Things platform maker tuya iot 915m ipo raised more than $915 million. It was the most money that had been raised in a week. Businesses can create, manage, and make money from IoT devices and services by using the company’s Platform-as-a-Service and Software-as-a-Service products. The stock was up 20% by the end of the week.
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