Cloopen Group (RAAS) IPO Opens 69% Higher

Today's IPO for Cloopen Group Holding Limited (NYSE: RAAS) opened for trading at $27 after pricing 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.

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.

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.

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