Citic Securities to handle People's Daily Online IPO
Wednesday, Jan 05,2011, 7:18:58 PM Click:
5 January 2011 - State-owned China Daily wrote today it had mandated local Citic Securities (SHA:600030) to arrange the initial public offering of its online website operator People's Daily Online.
The company, which runs the People.com.cn news portal, plans to float in Shanghai in 2011 in a bid to raise some CNY800m (USD121m/EUR91m), the newspaper said citing unnamed sources.
According to the report, the firm will offer 40m A-shares at a price range of CNY15-20 per share and tap the proceeds to grow its online business.
The news portal has already lined up key strategic investors including China Life Insurance and China Telecom (HKG:0728), the daily added.
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