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Tuya Rises After Second-Biggest 2021 U.S. IPO by Chinese Firm

  • Tencent-backed software company raised $915 million in listing
  • Tuya shares priced above target, then rose 19% in debut
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Tuya Inc., a Chinese software company backed by New Enterprise Associates and Tencent Holdings Ltd., rose 19% in its trading debut after raising $915 million in a U.S. initial public offering priced above its marketed range.

The company’s American depositary shares were priced at $21 each in the IPO and opened trading Thursday at $27. After rising as much as 32%, they closed at $25 in New York trading, giving Tuya a market value of $14 billion. Tuya sold 43.59 million shares Wednesday after marketing them for $17 to $20.