HONG KONG/ZURICH: Sources familiar with the situation told Reuters that ChemChina, the owner of Syngenta Group, is trying to raise roughly 65 billion yuan (US$10 billion) from an IPO for the Swiss agrichemical major on Shanghai’s STAR Market. According to Reuters, Syngenta will likely submit the prospectus for its forthcoming initial public offering later on Wednesday, clearing the way for its IPO by the end of 2021.
According to individuals who were not authorized to speak to the media and declined to comment, the IPO would value Syngenta at roughly US$60 billion, including debt, or US$50 billion without debt.
Saswato Das, a spokeswoman for Syngenta, declined to comment.
Last year, ChemChina merged Syngenta with Israel’s ADAMA and Sinochem’s fertiliser and seed division, which it purchased for US$43 billion in 2017.
In March, China’s state assets regulator approved a long-planned merger between ChemChina and Sinochem.
(Editing by Edwina Gibbs; reporting by John Revill in Zurich and Julie Zhu in Hong Kong)
Reuters is the source of this information.
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