April 5, 2012 / 2:15 AM / in 7 years

China's People's Daily news portal launches $84 mln Shanghai IPO

SHANGHAI, April 5 (Reuters) - The online news portal of Chinese government mouthpiece, the People’s Daily, has launched an initial public offering in Shanghai, aiming to raise about 527 million yuan ($83.6 million).

People.cn Co Ltd will sell 69.1 million shares through the IPO, it said in its prospectus posted on the Shanghai stock exchange website late on Wednesday.

The proceeds will be used to upgrade technology, deliver news on mobile platforms and strengthen its editorial team.

The company will set the IPO price range on April 17 and the final pricing will be announced on April 20, it said.

People.cn, which is controlled by People’s Daily, counts state-owned telecommunications giants including China Mobile Ltd , China Unicom and China Telecom Corp Ltd as shareholders.

Beijing is encouraging IPOs by state-owned news websites as part of efforts to strengthen control over the media in the Internet age. China’s state news agency Xinhua also plans to list its online portal in Shanghai to raise about 1 billion yuan, two sources with knowledge of the deal told Reuters last month. (Reporting by Yixin Chen and Kazunori Takada; Editing by Richard Pullin)

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