BEIJING/ZURICH (Reuters) -Agrichemical giant Syngenta Group plans to list on Shanghai’s Nasdaq-style STAR Market with a 65 billion yuan ($10 billion) initial public offering (IPO), a prospectus filed with the Shanghai Stock Exchange showed.
Syngenta’s application for listing on the STAR Market has been accepted and the company plans to issue up to 2.79 billion shares, the filing said.
Details of the flotation, set to be the world’s largest this year, were first revealed by Reuters earlier this week.
Following the flotation, the maker of pesticides and seeds is likely to be valued at around $60 billion including debt, or $50 billion without, sources have told Reuters.
The Swiss seeds and crop protection giant was bought in 2017 for $43 billion by ChemChina, which was folded into Sinochem Holdings Corp this year.
The acquisition remains China’s biggest takeover of a foreign company and is aimed at using Syngenta’s top-tier chemicals and patent-protected seeds to drastically improve domestic agricultural output.
Since being taken over, Syngenta – the world’s No.1 crop protection maker and No. 3 seed supplier – has been merged with Israeli agrochemical firm ADAMA and the fertiliser and seed business of Sinochem.
($1 = 6.4705 Chinese yuan renminbi)
(Reporting by Beijing Newsroom and John Revill in Zurich; Writing by Tom Daly and John Revill; Editing by Nick Tattersall and Louise Heavens)
