People’s Daily Online triples size of Shanghai IPO

People’s Daily Online started bookbuilding for its long awaited Shanghai IPO yesterday and nearly tripled the size of the deal after consultation with potential investors.

This is the first time that the Communist government has allowed investment in the editorial arm of a state-run media company. It is offering 69 million A-shares, or 25% of its enlarged share capital, at between Rmb20 $3.16 and Rmb22.5, which suggests it will raise between Rmb1.38 billion and Rmb1.55 billion.

The higher end of the target amount is nearly three times more than the Rmb527 million offering it originally planned. The price range...