Tencent-backed internet of things (IoT) cloud platform Tuya Smart (NYSE: TUYA) opened for trading on the New York Stock Exchange on Thursday, raising USD 915 million with at an initial offering price of USD 21, higher than its original target of USD 20. The stock finished the session at USD 25, up 19%.
Tuya provides platform-as-a-service (PaaS) solutions, managing smart devices for IoT brands, manufacturers, retailers, and developers. Founded in 2014, it’s now the largest player in this market with more than 116.5 million devices under its control in 2020, local media IPOzaozhidao reported, citing data from China Insights Consultancy.
Earlier this month, the company presented Tencent, Hillhouse Capital, and Singaporean state fund GIC and other institutes as cornerstone investors for the IPO. “We expect that Tuya will continue to move forward in the world of IoT and help create the internet of everything with scientific and technological progress,” said Hillhouse in a post published on its official WeChat account on Friday.
In 2020, the firm reduced its net loss to USD 66.9 million from USD 70.5 million a year earlier, according to the prospectus.
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.