U.S.-listed Chinese e-commerce upstart Pinduoduo plans to raise $1.75 billion through the sale of convertible senior notes, according to a company statement released Tuesday.

The sale of the bonds, which will mature in 2025, will come with an over-allotment option allowing the underwriters to buy up to an additional $250 million worth of convertible senior notes within 30 days if demand is strong, the statement said.

Simultaneously, Pinduoduo also announced plans to offer 2.2 million American depositary shares (ADSs), with the underwriters also likely to be given a 30-day option to purchase up to an additional 3.3 million ADSs, according to the statement.

The company has yet to provide the pricing terms for the two sales.

The Shanghai-based online retailer said that it will use the proceeds to improve its balance sheet, which will provide it with more flexibility to support its growth strategies.

The announcement comes days after Pinduoduo released its latest earnings report showing that its revenue rose 89% year-on-year in the third quarter, helped by a 50% increase in average monthly active users.

Pinduoduo’s last issuance of convertible senior notes took place in September last year, which helped it raise $1 billion after an over-allotment option was exercised.

Contact reporter Ding Yi (dingyi@caixin.com)

Related: Pinduoduo’s Third-Quarter Revenue Jumps 89%