GDS Holdings (GDS) said late Tuesday it has priced a public offering of 5.2 million American depositary shares at $24.50 per ADS.

The offering is expected to close Friday, the company said.

GDS is offering underwriters a 30-day option to purchase up to 780,000 additional ADSs.

GDS said it estimates net proceeds from the offering of about $123 million, or $141.6 million if underwriters exercise their option fully. The company plans to use the proceeds for general corporate purposes.