(Bloomberg) -- Tuya Inc., a Chinese software company backed by New Enterprise Associates and Tencent Holdings Ltd., raised $915 million in a U.S. initial public offering priced above its marketed range.
The company priced its sale of 43.59 million American depositary shares at $21 each, according to terms of the deal obtained by Bloomberg News. Tuya had marketed the shares at $17 to $20 each.
At $915 million, the listing ranks as the second-biggest U.S. IPO this year by a Chinese company, according to data compiled by Bloomberg, after RLX Technology Inc. raised $1.6 billion in January.
The shares, representing one Class A common share, would give the company a market value of $11.8 billion based on the outstanding stock listed in its filings with the U.S. Securities and Exchange Commission.
The company's cloud computing platform is used by businesses to deploy, connect and manage large numbers and different types of smart devices, according to its filings. Tuya said it plans to use the IPO proceeds for research and development, investment in tech and infrastructure and other general corporate purposes.
Tuya had a net loss of $67 million on revenue of $180 million in 2020.
The offering was led by Morgan Stanley, Bank of America Corp. and China International Capital Corp. The shares are expected to begin trading Thursday on the New York Stock Exchange under the symbol TUYA.
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