Fenwick & West represented the underwriters in the follow-on public offering for GDS Holdings Limited (NASDAQ: GDS), a leading developer and operator of high-performance data centers in China. After giving effect to the exercise in full of the underwriters’ option to purchase additional American depositary shares (ADSs) at the offering price, the company and certain selling shareholders offered 8,225,000 of ADSs and 4,425,000 ADSs, respectively, at a price to the public of $26.00 per share.

RBC Capital Markets, LLC, J.P. Morgan Securities LLC and Citigroup Global Markets Inc. acted as joint book-running managers of the offering and Cowen, Guggenheim Securities and Raymond James acted as co-managers of the offering.

The Fenwick transaction team included U.S. based corporate partner, Bill Hughes, tax partner Adam Halpern, Shanghai-based corporate associates, Daisy Chen, Alan Huang, and tax associate Sophia Huang, and U.S.-based corporate associates, Ran Ben-Tzur and James Li.

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