CICC Assists Cloopen in Listing on NYSE
On February 9, 2021 EST, Cloopen Group Holding Limited (“Cloopen”, or “Company”, NYSE:RAAS) was officially listed on NYSE, raising approximately USD 320 million (pre-shoe)/ USD 368 million (post-shoe, if fully exercised). CICC acts as a joint bookrunner (JBR) in this deal.
This offering is the first U.S. IPO by a full suite of cloud-based communications solutions provider in Chinese cloud communications industry, achieved the highest revenue multiple at pricing for a China ADR TMT company and the highest subscription ratio for a China ADR deal since 2019.
Cloopen is the leading multi-capability cloud-based communications solution provider in China, and also the only provider in China that offers a full suite of cloud-based communications solutions. The company’s mission is to enhance the daily communication experience and operational productivity for enterprises and to drive the transformation of the enterprise communications industry by offering innovative marketing and operational tactics and SaaS-based tools.
Cloopen can provide Communications Platform as a Service (CPaaS), cloud-based Contact Center(CC) and cloud-based Unified Communication and Collaboration (UC&C) etc. The company has accumulated extensive expertise and in-depth insights into the industry scenarios, and developed a full suite of cloud-based communications solutions. Based on its unique advantage, Cloopen has more than 12,000 active customers, including more than 170 large-enterprise customers, covering the Internet, telecommunications, financial services, education, manufacturing, energy and other important industries.
Acting as a joint bookrunner, CICC won high recognition from the Company’s management for its professional advice, full commitment and efficient execution have been highly recognized by the management of Cloopen.
Through in-depth tracking and understanding of China’s cloud communication industry, CICC devoted itself to studying the Company's business model and fully exploring Company’s investment highlights, and they are optimistic about the development of the Company in the future and its potential growth. CICC deeply excavated the needs of investors in the early stage and arranged 17 TTW meetings, accurately covering core Chinese investors and internationally well-known long-only funds with interest. During PDIEs, CICC arranged more than 60 PDIE meetings covering about 80 investors,fully educating the mainstream investors in the market.
With its rich experience, CICC accurately seized the market window to successfully lock in more than US $2 billion of high-quality anchor orders before the official bookrunning stage, accounting for 55% of all anchor orders.
Cloopen’s U.S. IPO is another important TMT IPO deal that CICC has completed, shedding lights on CICC’s leading domestic and foreign investor coverage and communication capabilities. CICC will continue to serve the growth of TMT enterprises with international professional services.
As a leading investment bank with “Chinese Roots and International Reach”, CICC will continue to utilize its capital market expertise as well as its seamless integration of onshore and offshore capabilities, to provide continuous supports to customers through introducing global investors, reaching international capital market, and promoting business development globally.