VC-backed Cloopen prices IPO

Cloopen, a Chinese cloud-based communications solution, has priced its IPO of 20 million shares at $16 per share.

Cloopen, a Chinese cloud-based communications solution, has priced its IPO of 20 million shares at $16 per share. The stock will trade on the New York Stock Exchange under the ticker symbol “RAAS.” Goldman Sachs (Asia) L.L.C., Citigroup Global Markets Inc. and China International Capital Corporation Hong Kong Securities Limited are the lead underwriters. Cloopen’s pre-IPO backers include Prospect Avenue Capital, Steppe Capital and Sequoia Capital China.

PRESS RELEASE

BEIJING, Feb. 9, 2021 /PRNewswire/ — Cloopen Group Holding Limited (“Cloopen” or the “Company”) (NYSE: RAAS), a leading multi-capability cloud-based communications solution provider in China, today announced the pricing of its initial public offering of 20,000,000 American depositary shares (“ADSs”), each representing two (2) Class A ordinary shares of the Company, at a price to the public of US$16.00 per ADS for a total offering size of US$320.0 million, assuming the underwriters do not exercise their option to purchase additional ADSs. The ADSs are expected to begin trading on the New York Stock Exchange today under the symbol “RAAS.” The offering is expected to close on February 11, 2021, subject to customary closing conditions.

The Company has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an aggregate of 3,000,000 additional ADSs.
Goldman Sachs (Asia) L.L.C., Citigroup Global Markets Inc., and China International Capital Corporation Hong Kong Securities Limited are acting as joint bookrunners of this offering.

A registration statement related to these securities has been filed with, and declared effective by, the SEC. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

This offering is being made only by means of a prospectus forming part of the effective registration statement. A copy of the final prospectus relating to the offering may be obtained, when available, by contacting at the following underwriters: (i) Goldman Sachs & Co. L.L.C., Attention: Prospectus Department, 200 West Street, New York, NY 10282-2198, United States, or by calling +1-866-471-2526, or by email at Prospectus-NY@gs.com; (ii) Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 50/F, Champion Tower, 3 Garden Road, Central, Hong Kong, by telephone: +852-2501-2000 or via email at prospectus@citi.com; and (iii) China International Capital Corporation Hong Kong Securities Limited, 29th Floor, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong, China, by telephone at +852-2872-2000, or via email: g_prospectus@cicc.com.cn.

About Cloopen Group Holding Limited
Cloopen Group Holding Limited is a leading multi-capability cloud-based communications solution provider in China offering a full suite of cloud-based communications solutions, covering communications platform as a service (CPaaS), cloud-based contact centers (cloud-based CC), and cloud-based unified communications and collaborations (cloud-based UC&C). The Company’s mission is to enhance the daily communication experience and operational productivity for enterprises. The Company aspires to drive the transformation of enterprise communications industry by offering innovative marketing and operational tactics and SaaS-based tools.