TWLO - Tuya IPO: A Global Leadership In The Rapidly Growing IoT PaaS Sector

• Tuya is one of the global leaders in the IoT-based PaaS products and solutions.
• Similar to how smartphones and mobile connectivity has changed the world in the past decade, IoT has the potential to significantly change the global machine to machine communications.
• We expect the company's market cap to be in the mid-to-high end of our valuation analysis ($20.1 to $30 per share) in the first few days of trading post IPO.
• The IPO price range has been determined to be $17 to $20 per share.

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