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

Chinese cloud-based communications solution provider Cloopen Group Holding Limited 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.