China state newspaper's web portal eyes June IPO

BEIJING Sun Mar 6, 2011 10:24pm EST

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BEIJING (Reuters) - People.com.cn, the online news portal run by the mouthpiece of the Chinese communist party, will list in Shanghai as early as June, a person familiar with the matter said on Monday.

People's Daily Online Co Ltd, which operates the online version of the party mouthpiece People's Daily, will be the first online news organization to list in Shanghai if its plans are approved.

"It'll be in June, probably June 20 because that's the date when the company was established last year," said the person, who declined to be named because the plan was not yet public.

State-run China Daily reported in January this year that the company is aiming to raise about 800 million yuan ($121.8 million) in a Shanghai offering this year, and has struck deals with investors such as China Mobile, China Unicom and China Telecom.

(Reporting by Huang Yuntao and Kelvin Soh; Editing by Jacqueline Wong)

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