Syngenta Group is seeking to raise 65 billion yuan ($9.3 billion) in its initial public offering, in what would be the world’s biggest listing this year.
(Bloomberg) — Syngenta Group is seeking to raise 65 billion yuan ($9.3 billion) in its initial public offering, in what would be the world’s biggest listing this year.
The Chinese-owned seed giant will sell as many as 2.78 billion shares on the main board in Shanghai, according to a filing on the Shanghai stock exchange’s website confirming its listing application has been accepted. Syngenta said Thursday it had withdrawn its earlier Star board IPO application in favor of applying to the main board, confirming an earlier Bloomberg News report. The fundraising target is unchanged from the figure in its previous prospectus.
The Swiss-headquartered firm plans to use proceeds from the IPO for high-end agricultural technology research, global acquisitions and long-term debt repayment as well as business expansion and upgrades, it said in the filing.
The resumption of the IPO came after the Shanghai stock exchange abruptly canceled a hearing in March for Syngenta’s planned Star board listing. Sinochem Holdings Corp., Syngenta’s Chinese owner, had been exploring ways to salvage the listing, including moving forward with a smaller IPO, Bloomberg News reported last month.
China has been looking to accelerate access to funding in the nation’s $10.4 trillion equity market, expanding a registration-based system for listings on all exchanges beyond the Star board earlier this year. The move shortened the review period, as the exchanges became responsible for vetting the eligibility of IPO candidates.
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