Nearly three years after it first submitted an application for an initial public offering, media giant Xinhua Net Co Ltd is close to realizing its plan for the IPO in the A-share market to raise 1.5 billion yuan ($231.6 million).

According to a statement from the China Securities Regulatory Commission, the agency will review the company's application on April 20. If the review goes well, Xinhua Net will receive the greenlight for the IPO.

According to its preliminary prospectus, the company will issue 51.9 million shares to raise 1.5 billion yuan for setting up an information service cloud platform, mobile internet operating system, big-data analysis program and online education. Its lead underwriter is China International Capital Corp Ltd.