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Syngenta files for a $10 billion acquisition. This year’s Shanghai IPO could be the world’s largest.
Syngenta’s website has a visual representation of its products.
Reuters, 2 July 2021
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.
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, and it aims to use 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.
Reuters
Syngenta chemchina
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Markets & Initial Public Offerings
Syngenta, the Swiss agrichemical giant, has begun a ‘tutoring’ process with banks in preparation for its Shanghai IPO.
The process involves China International Capital Corp, BOCI, and Citic Securities.
ChemChina and Sinochem have merged their agricultural businesses to form Syngenta, a holding company.
Syngenta is expected to be listed on China’s technology-focused STAR market in mid-2020, according to ChemChina.
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