Tencent-backed Chinese cloud IoT provider Tuya files for US IPO
March 3, 2021
Tuya, a Chinese IoT cloud platform for smart devices, has filed for an initial public offering (IPO) on the New York Stock Exchange. It said in a filing that it targets to raise $100 million, which is a placeholder amount likely to change.
In the regulatory filing, Tuya did not disclose its pricing terms and it has not selected a ticker symbol. Morgan Stanley, BofA Securities, and Chinese global investment bank CICC are the joint bookrunners for the deal.
After the IPO, Tuya will bankroll the developments of R&D, and brand marketing. It may also invest some part of the proceeds for technology infrastructure investments.
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