Cloopen Group Holding Limited Announces Pricing of Initial Public Offering

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Cloopen Group Holding Limited (NYSE: RAAS) announced the pricing of its initial public offering of 20,000,000 American depositary shares (ADSs) at US$16.00 each, totaling US$320.0 million. The offering, set to close on February 11, 2021, assumes no additional purchases by underwriters. They have the option to buy an additional 3,000,000 ADSs within 30 days. Goldman Sachs, Citigroup, and China International Capital Corporation are the joint bookrunners. This offering aims to enhance the Company's capital base as it continues to provide cloud-based communication solutions in China.

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.

For more information, please visit https://ir.yuntongxun.com/.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Cloopen Group Holding Limited
Investor Relations
E-mail: ir@yuntongxun.com

The Piacente Group, Inc.
Yang Song
Tel: +86-10-6508-0677
E-mail: raas@tpg-ir.com

In the United States:

The Piacente Group, Inc. 
Brandi Piacente
Tel: +1-212-481-2050
E-mail: raas@tpg-ir.com

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SOURCE Cloopen Group Holding Limited

FAQ

What is the offering size for Cloopen Group Holding Limited's IPO?

Cloopen's initial public offering is priced at US$320.0 million.

When will Cloopen Group Holding Limited's IPO close?

The IPO is expected to close on February 11, 2021.

What is the stock symbol for Cloopen Group Holding Limited?

The stock symbol for Cloopen Group Holding Limited is RAAS.

Who are the underwriters for Cloopen's IPO?

The underwriters for Cloopen's IPO are Goldman Sachs, Citigroup, and China International Capital Corporation.

How many ADSs did Cloopen Group Holding Limited offer?

Cloopen offered 20,000,000 American depositary shares in its IPO.