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GDS prices offering of American depositary shares

GDS Holdings Ltd. priced a public offering of 5,494,505 American depositary shares.

Each ADS represents eight of the company's class A ordinary shares, at a public offering price of US$45.50 per ADS, according to a Dec. 5 news release. The underwriters were granted a 30-day option to purchase up to an additional 824,175 American depositary shares from GDS at the same price.

The offering is expected to close Dec. 10.

The Chinese developer and operator of high-performance data centers intends to use about US$190 million of the net proceeds to fund a portion of the cash consideration and assumed liabilities for the acquisition of three data centers at a campus located in Shunyi district, Beijing. The company will use the remaining net proceeds or all of the net proceeds if the acquisition is not consummated, to fund other land, building and data center acquisitions and for general corporate purposes.

J.P. Morgan, RBC Capital Markets, BofA Securities and Haitong International are acting as joint book-running managers for the proposed offering.