Chinese cloud communication provider Cloopen Group Holding sets terms for $280 million US IPO

Cloopen Group Holding, which provides cloud-based communication services in China, announced terms for its IPO on Wednesday.

The Beijing, China-based company plans to raise $280 million by offering 20 million ADSs at a price range of $13 to $15. At the midpoint of the proposed range, Cloopen Group Holding would command a market value of $2.1 billion.

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.

Cloopen Group Holding was founded in 2012 and booked $113 million in revenue for the 12 months ended September 30, 2020. It plans to list on the NYSE under the symbolRAAS. Goldman Sachs, Citi and CICC are the joint bookrunners on the deal.