Chinese IoT Platform Tuya Smart Files for USD 100 Million NYSE IPO

On February 26, Tuya Smart filed for an initial public offering on the New York Stock Exchange. According to the company, this offering will help it expand its global business coverage.

 Established in 2014, Tuya Smart is an Internet-of-Things (IoT) cloud platform that provides corporations and developers with Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) products. By the end of 2020, 84.3% of its revenue, or about USD 150 million, was from the IoT PaaS segment. To date, the firm has enabled its clients to develop over 1,100 models of intelligent equipment across 220 countries.

 Even under the shock of COVID-19, the global IPO activity still maintained a rising trend in 2020. In the first two months of 2021, there were 12 firms going public on NYSE. TikTok developer ByteDance, power bank sharing startup Energy Monster and urban mobility company Hellobike are among those currently mulling over public offerings in the United States this year.