Syngenta files for $10 bln Shanghai IPO – prospectus

Reuters, BEIJING/ZURICH, July 2 – A prospectus filed with the Shanghai Stock Exchange revealed that agrichemical major Syngenta Group aims to float on Shanghai’s Nasdaq-style STAR Market with a 65 billion yuan ($10 billion) initial public offering (IPO). According to the filing, Syngenta’s application to list on the STAR Market has been approved, and the business expects to issue up to 2.79 billion shares. Reuters was the first to report on the floatation, which is expected to be the world’s largest this year. find out more According to Reuters, the developer of insecticides and seeds is expected to be valued at roughly $60 billion after the IPO, or $50 billion without debt. ChemChina, which was integrated into Sinochem Holdings Corp this year, purchased the Swiss seeds and crop protection company in 2017 for $43 billion. The deal is China’s largest takeover of a foreign corporation, with the goal of employing Syngenta’s top-tier pesticides and patent-protected seeds to boost domestic agricultural output dramatically. Syngenta, the world’s No. 1 crop protection company and No. 3 seed provider, has merged with Israeli agrochemical firm ADAMA and Sinochem’s fertiliser and seed business since being taken over. Beijing Newsroom and John Revill in Zurich contributed reporting; Tom Daly and John Revill wrote the story; Nick Tattersall and Louise Heavens edited it. The Thomson Reuters Trust Principles are our standards./nRead More