1. Chinabased Tuya Iot Us Ipo 14b
Chinabased The Tuya Smart Home app is seen on a mobile phone in this arranged photograph in London, U.K., on Wednesday, May 20, 2020. Tuya Smart, the world’s largest AI+IoT platform, plans to list its American depositary shares on the New York Stock Exchange, becoming the first pure-play AIoT company to go public in the U.S. Photographer: Chris Ratcliffe/Bloomberg
Tuya Smart, the world’s largest AI+IoT platform, plans to list its American depositary shares on the New York Stock Exchange, becoming the first pure-play AIoT company to go public in the U.S.
Founded in 2014, Tuya Smart is a global leader in the AI+IoT field with a mission to make our physical world smarter. The company’s platform has empowered over 200,000 manufacturers and service providers to make over 250,000 products smarter with the Tuya Smart app reaching over 3 billion devices in more than 200 countries and regions.
With a proven track record of success, Tuya Smart is well-positioned to capture the growing opportunity in the global AI+IoT market, which is expected to reach $267 billion by 2025.
In its IPO filing, Tuya Smart said it plans to raise up to $1.14 billion, giving it a valuation of $6.4 billion to $7.6 billion. The company did not disclose how many shares will be offered or price them.
Goldman Sachs, Credit Suisse and Citigroup are leading the deal.
2. Company Background
Tuya, a China-based IoT platform, is planning to go public in the US through a $14 billion IPO. The company provides a platform that enables manufacturers to develop, manage, and connect smart products. Tuya also offers a suite of AI-based solutions that enable manufacturers to analyze data and optimize their products.
Tuya was founded in 2014 by Wenjie Dong, Jiang Feng, and Yang Zhong. The company is headquartered in Hangzhou, China. Tuya has a team of over 5,000 employees in 30 countries.
Prior to Tuya, Wenjie Dong was a software engineer at Alibaba, and Jiang Feng was a senior engineer at Yahoo. Yang Zhong was a software engineer at Baidu.
Tuya has raised a total of $4.25 billion from investors including SoftBank, Goldman Sachs, Temasek, and DCM Ventures.
3. IPO Details
China-based Tuya Smart, a global Internet of Things (IoT) platform provider, is looking to raise up to $1.4 billion in its U.S. initial public offering (IPO), according to a filing with the Securities and Exchange Commission (SEC) on Monday.
The company plans to list on the New York Stock Exchange (NYSE) under the ticker TUYA.
Tuya Smart, which was founded in 2014, provides a platform that enables businesses to develop, distribute, and operate IoT products and services.
The company has over 250,000 customers in over 200 countries and regions, and its platform has been used to develop over 100,000 IoT products.
Tuya Smart plans to use the proceeds from the IPO to expand its business, including through research and development, marketing, and acquisitions.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and Citigroup Global Markets Inc. are serving as the lead underwriters for the IPO.
Tuya Smart is the latest in a string of Chinese tech companies to go public in the U.S.
In September, e-commerce giant Alibaba raised a record-breaking $25 billion in its IPO on the NYSE.
Other Chinese tech companies that have gone public in the U.S. in recent years include Baidu, JD.com, and Weibo.
4. Use of Proceeds
The Tuya IoT US IPO is a 14b deal that will be used to help the company expand its operations in the United States. The company plans to use the proceeds from the IPO to build out its infrastructure, expand its sales and marketing efforts, and research and develop new products. Tuya IoT US plans to list on the Nasdaq under the ticker “TUYA.”
Tuya IoT US is a subsidiary of Tuya Smart, a global IoT platform that provides smart products and services to over 200,000 manufacturers and brands. Tuya Smart has a presence in over 190 countries and regions, and its products are used in over 5,000 cities. Tuya Smart is one of the world’s largest IoT platforms and is backed by leading investors including Alibaba, SoftBank, and Warburg Pincus.
Tuya IoT US was founded in 2016 and is headquartered in San Mateo, California. The company provides an end-to-end IoT platform that enables manufacturers and brands to quickly and easily develop, launch, and manage smart products and services. Tuya IoT US has a team of experienced executives and engineers with a deep understanding of the IoT industry.
The company plans to use the proceeds from the IPO to build out its infrastructure, expand its sales and marketing efforts, and research and develop new products. Tuya IoT US plans to list on the Nasdaq under the ticker “TUYA.”
5. Potential Risks
1. Overreliance on the Chinese market: Tuya derives the majority of its revenue from China, which presents a risk if the Chinese market slows down.
2. Competition from other IoT platforms: Tuya faces competition from other IoT platforms, such as Amazon’s AWS IoT and Google’s Cloud IoT.
3. Dependence on third-party manufacturers: Tuya is reliant on third-party manufacturers to produce products using its IoT platform.
4. Security concerns: IoT devices are often targets for hacking and cybercrime, which could pose a risk to Tuya’s platform.
5. Regulatory uncertainty: The regulatory landscape for IoT is still evolving, which could present a risk for Tuya.
6. Analyst Recommendations
The average price target is $17.50, which is 28.57% above the current ($13.62) price.
On average, analysts give the stock a rating of Buy.
The high price target for TUYA is $20.00 and the low price target for TUYA is $15.00.
Of the 6 analysts that have issued ratings on the stock, 100.0% have rated the stock a Buy, 0.0% have issued a Hold rating and 0.0% have issued a Sell rating.
Tuya Smart, a China-based IoT platform, is planning to raise $14 billion in an IPO on the New York Stock Exchange. The company plans to offer 100 million American depositary shares (ADSs), each representing eight Class A ordinary shares, at a price of $14 per ADS. The deal is expected to price on Thursday, December 12th.
The lead underwriters are Goldman Sachs, JPMorgan, and Morgan Stanley.
Tuya Smart provides a platform that enables companies to make products smarter. The company’s platform includes an IoT cloud, an AI engine, and a big data engine. The platform is used in a variety of industries, including smart home, smart office, smart retail, smart transportation, and smart logistics.
Tuya Smart was founded in 2014 and has raised a total of $400 million in funding. The company’s most recent funding round was a $200 million Series D in July 2019 at a valuation of $4 billion.
The company plans to use the IPO proceeds to fuel global expansion and to R&D investments.