THE online news portal of government-backed People's Daily said it will raise 527 million yuan (US$83.7 million) in its initial public offering in Shanghai this month.

People.com.cn will sell 69.1 million shares and 19.97 million will be reserved for offline subscription for institutional investors, according to a filing to the Shanghai Stock Exchange yesterday.

The news portal will set the price range for the offering on April 16 and announce the final pricing on April 19.

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

People's Daily is people.com.cn's controlling shareholder, with a 79.54 percent stake. Its other stakeholders include other state-owned giants like China Mobile, China Unicom and China Telecom.

In 2011, revenue at People's Daily Online was 497 million yuan and in 2010 income was 332 million yuan.

People's Daily Online was established in 2001 as an official platform for the distribution of Communist Party news and remains the most official website for such news and policy announcements.

The website is the first among a string of state-owned websites to submit listing materials, including Xinhua Online, the portal of the state-backed Xinhua news agency, and Shanghai-based Eastday.com.

Source:shanghaidaily