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People's Daily Online to raise RMB 527 mln via IPO

Apr. 5, 2012 (China Knowledge) - People's Daily Online Co Ltd, a website built by People's Daily, the official newspaper of the Communist Party of China, plans to launch its initial public offering on the Shanghai Stock Exchange with fundraising of RMB 527 million or about US$83.7 million.

According to the plans, the company will sell 69.1 million new shares, or 25% of its enlarged capital, in the IPO with the token of "603000".

RMB 289 million of the total proceeds will be used to expand into wireless services, RMB 146 million to upgrade technology and RMB 92.43 million to beef up the firm's editorial team, said People's Daily Online.

The company also noted it will start a roadshow for its A-share IPO between Apr. 6 and Apr. 12, and the IPO will open subscriptions from Apr. 17 to Apr. 18.

At the end of June 2011, People's Daily Online had RMB 687 million in net asset and RMB 868 million in total assets. The firm reaped RMB 138 million in net profit, up 73.9% from a year earlier, and its sales revenue surged 49.9% year on year to RMB 497 million.

CITIC Securities Co<600030>, China's largest listed brokerage firm, is the sponsor of the IPO.

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