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Market Overview

Cloud Solution Provider Cloopen Group Raises $320M In Upsized IPO

  • Chinese cloud-based communications solution provider Cloopen Group Holding Limited (NYSE: RAAS) priced 20 million shares at $16 per share in its upsized initial public offering (IPO) to rake $320 million in offering proceeds.
  •  Cloopen provides cloud-based communications solutions in China. It offers 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.
  • The IPO was upsized from the previous price range between $13 and $15 to $16. The shares are likely to begin trading under the symbol “RAAS” on the NYSE today.
  • The underwriters have an option to procure additional shares up to 3 million within 30 days from the IPO date. The offering is estimated to close on February 11, 2021.
  • Goldman Sachs (Asia), Citigroup Global Markets Inc., and China International Capital Corporation Hong Kong Securities Limited are the joint bookrunners of the IPO.

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Posted-In: China cloud computingNews IPOs Tech Media

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