TUYA - Tuya launches 7.3M global stock offering under dual-listing on Hong Kong

Tuya (NYSE:TUYA) on Wednesday has launched a global stock offering of 7.3M shares, comprising 10% shares or 730,000 shares in Hong Kong public offering at the potential pricing of up to HK$22.80 each (US$2.90) in the dual-listing. The remaining 90% of shares, i.e. 6.57M shares, will be initially offered internationally, the price of which is said to be set higher than the Hong Kong's offering price on June 27, 2022. In addition, the company expects to grant the international underwriters an over-allotment option to purchase up to an additional 1.09M shares.  However, the Chinese application software company told its Hong Kong public offering could be adjusted to up to a maximum of 3.65M Class A ordinary shares, representing 50% of its total global offering. Net proceeds is expected to be used for enhancing IoT technologies and infrastructure; enhancing its product offerings; improving sales and marketing; pursuing strategic partnerships, investments and acquisitions; and for working

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Tuya launches 7.3M global stock offering under dual-listing on Hong Kong