The disclosure statement indicated that the company’s market capitalization reaches nearly USD 14 billion.
On March 18, Tuya Smart's IoT cloud platform was officially listed on the New York Stock Exchange under the ticker symbol 'TUYA.' Its stock price jumped 28.5% on its first day of trading to USD 27.
It is reported that Tuya Smart's offering price of USD 21 was higher than the previously set upper limit of USD17 to USD 20. Based on the firms' issuance of 43.59 million ADS, its IPO will raise more than USD 915 million. Among the Chinese companies that went to the US for IPOs this year, Tuya's financing amount is ranked second-highest behind YueQi e-cigarettes.
Founded in 2014, Tuya earned USD 179.9 million in revenues in 2020, had total assets of USD 267.3 million, and now has more than 5,000 customers across more than 220 countries and regions.
IoT building is among one of the top government priorities, which includes 5G, as part of the country's plan to build new infrastructure, and enjoys the government’s resource and financial support.
IoT, the Internet of Things, is a technology that connects physical objects and can be applied to smart homes, wearables, smart cities, and connected cars, etc.
In the US, Amazon is considered the largest IoT provider, whose most widely used product is Alexa. Verizon, Microsoft, AT&T, IBM, Cisco, Google, Oracle, and Intel are also in the game, according to the tech information website Thomas.
Tuya's domestic competitors include tech giants like Baidu, Alibaba, and Tencent, as well as telecommunication operators China Mobile and China Telecom.