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People's Daily Online sets IPO price range

Apr. 17, 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, announced yesterday that it set a price range of between RMB 20.00 and RMB 22.50 for its initial public offering on the Shanghai Stock Exchange.

The price was 46.13 to 51.89 times the firm's earnings based on enlarged share capital.

The company plans to issue 69.11 million A shares, of which about 80% are issued through online subscription, which will take place on Apr. 18.

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.

In 2011, the company's sales revenue rose 49.9% year on year to RMB 497 million, and its net profit surged 73.9% to RMB 138 million.

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