Duzhe seeks $78m from Shanghai IPO

Publisher of popular magazine to issue up to 60m new shares

Duzhe Publishing & Media Co Ltd, the publisher of China's most popular magazine The Duzhe (The Readers), is planning to raise 500 million yuan ($78.2 million) in a Shanghai initial public offering. Subscription will begin on Dec 1.

The company is to issue up to 60 million new shares, pushing its total shares to 240 million.