Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 25 years of experience in analyzing hundreds of companies, especially in Asia. Deep expertise in the following sectors:
- Technology (E-commerce, SaaS, Internet)
- Consumer 
- Special Situations/Deep Value Plays
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Tuya (涂鸦智能) IPO -  Pushing for a Pricey Connection

Tuya (涂鸦智能) IPO Trading - Strong Momentum but Watch Out for the Post Debut Fizzle

Tuya's Strong Momentum & A Review of China's Tech Stocks Results in 1Q 2021

Tuya IPO - Valuation Sensitivity Analysis

Tuya (涂鸦智能) Pre-IPO - Peer Comparison, Forecast, and Valuation

Equity Capital Markets

<p>Tuya announced its IPO pricing range, which is expected to be between $17 to $20 per share. Tuya plans to raise $806 million offering 43.6 million ADS. At the mid-point of the IPO price range, Tuya's implied market cap would be $10.4 billion. At the high end of the IPO price range of $20 per share, the company would be valued at $11.2 billion. This assumes fully diluted shares outstanding of 562.2 million. </p><div class="content-highlight"><p>Our base case and high case implied market caps of the company are $11.3 billion ($20.1 per share) and $17.4 billion ($31 per share), respectively. <strong>We do believe that there will be a nice first day pop for this IPO and expect its market cap could reach the high end of the valuation sensitivity analysis ($17.4 billion or $30 per share).</strong> In the first few days of trading post IPO, we expect the company's market cap to be trading in the mid-to-high end of our valuation analysis ($20.1 to $30 per share). We have a positive view of the Tuya IPO. </p></div>

Tuya announced its IPO pricing range, which is expected to be between $17 to $20 per share. Tuya plans to raise $806 million offering 43.6 million ADS. At the mid-point of the IPO price range, Tuya's implied market cap would be $10.4 billion. At the high end of the IPO price range of $20 per share, the company would be valued at $11.2 billion. This assumes fully diluted shares outstanding of 562.2 million. Our base case and high case implied market caps of the company are $11.3 billion ($20.1 per share) and $17.4 billion ($31 per share), respectively. We do believe that there will be a nice first day pop for this IPO and expect its market cap could reach the high end of the valuation sensitivity analysis ($17.4 billion or $30 per share). In the first few days of trading post IPO, we expect the company's market cap to be trading in the mid-to-high end of our valuation analysis ($20.1 to $30 per share). We have a positive view of the Tuya IPO. 

Tuya: A Pure-Play IoT PaaS/SaaS Player Announces IPO Pricing Range

Tuya Inc

Tuya: A Pure-Play IoT PaaS/SaaS Player Announces IPO Pricing Range