Party newspaper People's Daily going public

BEIJING - The online news portal of the official Communist Party of China newspaper People's Daily plans to raise about 527 million yuan ($83.52 million) through an initial public offering (IPO) on the Shanghai Stock Exchange.

People.cn Co, which competes with commercially operated rivals, such as Sina Corp and Sohu, aims to raise cash by selling 69.1 million new shares, or 25 percent of its enlarged capital base, to fund expansion, according to a preliminary prospectus posted on the website of China's securities regulator.

The China Securities Regulatory Commission will vet People.cn's IPO application on Friday.