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People's Daily Online Prepares IPO
01.06.2011 17:47
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People's Daily Online Prepares IPO
People's Daily Online is expected to earn 70 million yuan in net profits in 2010 and the figure is likely to hit 100 million in 2011
(Beijing) -- People's Daily Online Co., website operator of China's state-run newspaper People's Daily, plans to raise up to 800 million yuan in an initial public offering (IPO) in Shanghai, to become China's first publicly-listed online news portal.
According to People's Daily, the website operator plans to issue 40 million A-shares priced between 15 to 20 yuan per share. The company said that the funds raised will be invested in expanding the website services and the development of the company's wireless and online video capabilities.
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