Cloopen Group Holding, which provides cloud-based communication services in China, raised $320 million by offering 20 million ADSs at $16, above the range of $13 to $15.
In terms of 2019 revenue, Cloopen Group operates the largest multi-capability cloud-based communications solution provider in China. It is also the only provider in China that offers a full suite of cloud-based communications solutions, covering communications platform as a service, cloud-based contact centers, and cloud-based unified communications and collaborations. As of September 30, 2020, the company had an active customer base of over 12,000 enterprises and a 95% dollar-based net customer retention rate for solutions offered on a recurring basis.
Cloopen Group Holding plans to list on the NYSE under the symbol RAAS. Goldman Sachs, Citi and CICC acted as lead managers on the deal.
