Tuya’s $915 Million Initial Public Offering

Davis Polk & Wardwell LLP, working alongside Maples and Calder, acted as US counsel to the Issuer and Cleary Gottlieb Steen & Hamilton acted as US counsel for the underwriters.

Tuya Inc. completed 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 advising Tuya included partners Li He (Picture) 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.

The  Maples team comprised partner Karen Zhang Pallaras and legal manager Ray Tso.  The Group’s Fund Services business acted as the Cayman Islands Share Registrar, and the team comprised Eastern Fong, Regional Head of the Group’s fund services business in Asia and vice president Christy Poon.

Involved fees earner: Matthew Bacal – Davis Polk & Wardwell; Marisa Elena Bannon – Davis Polk & Wardwell; Veronica Davis – Davis Polk & Wardwell; Omer Harel – Davis Polk & Wardwell; Brantley Hawkins – Davis Polk & Wardwell; Li He – Davis Polk & Wardwell; Ran Li – Davis Polk & Wardwell; James Lin – Davis Polk & Wardwell; Summer Xia – Davis Polk & Wardwell; Eastern Fong – Maples and Calder; Christy Poon – Maples and Calder; Karen Zhang Pallaras – Maples and Calder;

Law Firms: Davis Polk & Wardwell; Maples and Calder;

Clients: Tuya;

Author: Sonia Carcano