The online news portal of Chinese government mouthpiece, the People’s Daily, has launched an initial public offering in Shanghai.
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.
Based the price range, the company will have enjoy a PE ratio of 46.13-51.89, a 5.15%-18.28% premium above the average industry level.
People’s Daily Online will raise a minimum of 1380 million, a maximum of 1550million yuan via the IPO, 162%-195% higher than the planned 527million financing.
