China-based Tuya Raises $915M in US IPO, Valued at $14B

China-based Tuya Inc., a leading IoT platform, has recently gone public on the New York Stock Exchange (NYSE) and raised $915 million in its initial public offering (IPO). With this successful IPO, Tuya has become one of the most valuable Chinese tech companies listed in the US, with a market capitalization of over $14 billion.

Tuya’s Growth and Business Model

Tuya was founded in 2014 in Hangzhou, China, by Jerry Wang, who is also the company’s CEO. The company provides an IoT platform that allows manufacturers to build smart devices and appliances that can be connected to the internet and controlled through a mobile app. Tuya’s platform has been widely adopted by more than 290,000 manufacturers globally, enabling them to offer their customers connected devices for home automation, security, energy management, and more.

Tuya’s business model is based on providing software and cloud services to its customers, which include device manufacturers, retailers, and service providers. Tuya offers its platform under a software-as-a-service (SaaS) model, charging its customers a fee based on the number of devices connected to its platform. The company also generates revenue through its cloud services, such as data storage, analysis, and security.

Tuya’s impressive growth over the past few years is reflected in its financial performance. The company’s revenue increased from $54.8 million in 2018 to $292.3 million in 2020, representing a compound annual growth rate (CAGR) of 91.5%. Moreover, Tuya’s net income turned positive in 2020, reaching $28.3 million.

Tuya’s IPO and Future Plans

Tuya’s IPO was initially planned for 2020 but was postponed due to the COVID-19 pandemic. However, the company decided to move forward with its IPO in March 2021, and the offering was oversubscribed by more than 100 times, indicating strong demand from investors.

Tuya offered 43.6 million American depositary shares (ADS) in its IPO, priced at $21 per ADS, above the expected range of $17 to $20 per ADS. The company’s shares began trading on the NYSE on March 18, 2021, under the ticker symbol “TUYA,” and closed the day up 5.8% at $22.21 per share.

Tuya plans to use the proceeds from its IPO to invest in research and development, expand its global footprint, and explore potential strategic acquisitions. The company aims to strengthen its position as a leading IoT platform provider and capitalize on the growing demand for connected devices and smart home solutions worldwide.


Tuya’s successful IPO is a testament to the company’s growth potential and the increasing demand for IoT solutions. With its innovative platform and business model, Tuya has become a leading player in the IoT space, providing manufacturers with the tools and services needed to develop and launch connected devices at scale. As Tuya continues to expand its global reach and invest in R&D, the company is well-positioned to capitalize on the growing market opportunity and deliver value to its customers and shareholders alike.



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