The online news portal of People's Daily, the flagship newspaper of the Communist Party of China, will raise 1.38 billion yuan (US$219 million) in its initial public offering in Shanghai, almost tripling the size of its original plan.

The People's Daily Online will sell 69.1 million new shares at 20 yuan each, it said in a filing to the Shanghai Stock Exchange yesterday.

It may have a market capita-lization of 6.2 billion yuan.

The proceeds will be used to upgrade technology, deliver news on mobile platforms and strengthen the news portal's editorial team.

During an online roadshow on Tuesday, Liao Hong, vice chairman and president of People's Daily Online, said the website plans to expand overseas and open branches in Hong Kong, Australia and Europe.