Davis Polk advised Tuya Inc. in connection with its initial public offering of 43,590,000 shares of Class A ordinary shares for approximately $915 million in total gross proceeds. The underwriters have been granted an option to purchase up to 6,538,500 additional shares pursuant to the full exercise of the underwriters’ over-allotment option. The Class A ordinary share is listed on the New York Stock Exchange under the symbol “TUYA.”
Tuya is a leading global IoT cloud platform based in China that delivers a full suite of offerings, including Platform-as-a-Service, or PaaS and Software-as-a-Service, or SaaS, to businesses and developers. Tuya believes that IoT provides the opportunity of connecting everything and every person. Being the software platform for the IoT era, it has built a neutral, comprehensive, cloud-native and developer-friendly platform, where businesses and developers can develop software applications that turn traditional devices into connected and active devices. Tuya’s IoT cloud platform is capable of processing over 84 billion cloud requests and over 122 million AI voice interactions daily. Smart devices powered by Tuya are available in over 100,000 stores all over the world.
The Davis Polk corporate team included partners Li He and James C. Lin and counsel – registered foreign lawyer Ran Li. Associates Omer Harel, Veronica Davis and Summer Xia provided tax advice. Counsel Matthew J. Bacal and associate Marisa Elena Bannon provided intellectual property advice. Associate Brantley Hawkins provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, New York and London offices.