People's Daily Online Seeks 527 Mln Yuan from IPO

(Beijing) – People's Daily Online plans to issue 69.1 million shares on the Shanghai Stock Exchange and raise capital of 527 million yuan.

The state-owned media website released its prospectus and inquiry notice on April 5 in preparation for launching its initial public offering.

The funds raised through the IPO will be used in mobile internet services (289 million yuan), upgrade of the technical platform (146 million yuan) and expansion of the news desk (92 million yuan), the prospectus said.