ChemChina aims to raise $10 billion from Syngenta’s Shanghai listing

ChemChina, Syngenta Group’s owner, aims to raise around $10 billion (65 billion yuan) through an IPO for the Swiss agrichemical giant on Shanghai’s STAR Market, said sources.

Syngenta is likely to post the prospectus for the upcoming IPO later today said sources, ahead of its flotation towards the end of this year.

The IPO would value Syngenta at around $60 billion including debt, or $50 billion without, said sources on the condition of anonymity since they were not authorized to speak to the media.

Syngenta spokesman Saswato Das declined comment.

In 2017, ChemChina had acquired Syngenta for $43 billion; last year it merged the Swiss firm with Israel’s ADAMA and the fertiliser and seed business of Sinochem.

A merger of ChemChina with Sinochem was approved by China’s state assets regulator earlier this year in March.

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