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2021’s runner-up for China’s biggest US IPO is TuyaINTL

2021’s runner-up for China’s biggest US IPO is Tuya

And the silver medal goes to… Tuya! Well, for now at least, unless someone else comes around to challenge its spot on the podium.

Here’s how the win went down:

The Tencent-backed Chinese software company priced its initial public offering at $21 per share. Tuya then sold 43.59 million shares, and so it raised an astounding $915m in its US stock market debut, making this the second biggest American IPO by a Chinese company this year.

PS, following its public listing, Tuya hit a market valuation of $11.8b — wow!

why it matters
Chinese companies have been flocking to the US markets lately as a way to capitalize on the current IPO rush. RLX Technology Inc (RLX) took the gold medal with its $1.6b listing in January, but lots of newcomers from China are also aiming for successful US IPOs this year, such as Shanghai Renyimen Technology (the company behind social networking platform Soul App).