Syngenta, the Swiss agrichemical giant owned by ChemChina, files for US$10 billion Shanghai IPO

Syngenta’s application to list on the Star Market has been approved and it will issue up to 2.79 billion shares

The flotation, set to be the world’s biggest this year, will value the maker of pesticides and seeds, at about US$60 billion including debt, sources say

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The Swiss pesticide giant Syngenta is owned by ChemChina. Photo: AFP

Published: 11:41pm, 2 Jul 2021Updated: 11:41pm, 2 Jul 2021

Syngenta Group will use the proceeds from its US$10 billion initial public offering (IPO) to fund internal growth and an acquisition spree to snare more of the US$100 billion market for seeds and sprays, the agrichemical giant said on Friday.

The company’s prospectus to list on Shanghai’s Nasdaq-style Star Market was posted online by the Shanghai Stock Exchange on Friday, confirming details reported this week by Reuters after the application was filed on Wednesday.

“Syngenta Group will expand and renovate its production facility and implement strategic acquisition to meet growing market needs,” the company said in the document.

Syngenta said in the filing that its application to list on the Star Market had been approved and it would issue up to 2.79 billion shares.

ChemChina bought Syngenta in 2017 for US$43 billion. Photo: AFP

The flotation, set to be the world’s biggest this year, will value the maker of pesticides and seeds based in Basel, Switzerland, at about US$60 billion including debt, or US$50 billion without, sources have told Reuters.