GDS Sets Final C-REIT IPO Price At RMB 3.00

(RTTNews) - GDS Holdings Ltd.(GDS), a developer and operator of high-performance data centers in China, on Wednesday announced that the final offering price for its previously announced China REIT, known as C-REIT, initial public offering has been set at RMB 3.00 per unit.

The final offering price was determined after the institutional bookbuilding process, which was 166 times oversubscribed.

The C-REIT will issue 800 million units, representing 100% of the units in issue upon completion of the IPO, raising gross proceeds of RMB 2.4 billion.

At the final offering price, the C-REIT's implied enterprise value to projected 2026 EBITDA is 16.9 times, based on a projected EBITDA of RMB 141.8 million.

The implied dividend yield per unit, based on the projected 2026 distributable cash flow of RMB 124.8 million, stands at 5.2%.

The company will sell a 100% equity interest in a project company holding stabilized data center assets to the C-REIT for a total enterprise value of approximately RMB 2,319 million.

Upon completion, the company expects to receive net cash proceeds of around RMB 2,111 million, including equity consideration and a dividend of existing cash, after taxes and transaction costs.

In the pre-market trading, GDS is 2.68% lesser at $28.68 on the Nasdaq.