Tuya sets IPO terms, to be valued at up to $11 billion
China-based Tuya Inc. has set terms of its initial public offering, in which the China-based company, which says its mission is to build an internet-of-thing (IoT) developer ecosystem and enable everything to be "smart," could be valued at up to $11.2 billion. Tuya is offering 43.59 million American depositary shares in the IPO, which is expected to price between $17 and $20 a share, to raise up to $871.8 million. Each ADS represents one Class A ordinary shares. The company expects to have 417.36 million ordinary shares outstanding after the IPO, and 142.4 million Class B shares. The stock is expected to list on the NYSE under the ticker symbol "TUYA." The lead underwriters are Morgan Stanley, BofA Securities and CICC. Tuya recorded a net loss of $66.9 million on revenue of $179.9 million in 2020, after a loss of $73.9 million on revenue of $105.8 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has slipped 0.6% over the past three months, while the iShares MSCI China ETF has gained 6.0% and the S&P 500 has advanced 7.5%.
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