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Chinese cloud communication provider Cloopen Group Holding files for a $100 million US IPO

January 19, 2021

Cloopen Group Holding, which provides cloud-based communication services in China, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering.

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. 

The Beijing, China-based company 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 symbol RAAS. Goldman Sachs, Citi and CICC are the joint bookrunners on the deal. No pricing terms were disclosed.