People's Daily Online, the website of China's State-owned newspaper People's Daily, will raise up to 1.55 billion yuan ($246 million) in its Shanghai initial public offering (IPO), selling 69.1 million shares at the price range between 20 to 22.5 yuan per share.

The fundraising nearly triples its previous goal of 520 million yuan set in the prospectus filed to the China Securities Regulatory Commission (CSRC).

The price range will pitch the website's price-earnings ratio (P/E) at 46.13 to 51.89.

The IPO proceeds will go to its wireless services, technological upgrading and the editorial team, according to its prospectus.

The oversubscribed funds are expected to offer more leg room for the company's capital liquidity as the market has become more volatile.

The website reaped 138 million yuan in 2011, up 74 percent year-on-year, which largely hinged on advertisements, which takes the lion's share of 60 percent, tailed by information (28 percent) and wireless (10 percent) services.