Syngenta Group’s application to be listed on the STAR board, China’s Nasdaq-like bourse, will be reviewed on March 29.
The IPO application was filed in July 2021. If approved, the agricultural giant expects to raise 65 billion yuan (US$9.5 billion), making it the biggest IPO for more than a decade. Funds raised will be used to pay debts (19.5 billion yuan), acquisitions (20.8 billion yuan) and R&D (13 billion yuan).
According to its prospectus, Syngenta’s revenue last year was 225 billion yuan and its net profit was 7.8 billion yuan, up 23.7 percent and 83.5 percent. The performance is a result of rising global food prices led by global warming and geopolitical uncertainty.
The crop protection business brought in 147 billion yuan last year, accounting for 65 percent of Syngenta’s revenue.
In 2017, China National Chemical Corporation (ChemChina) acquired Swiss agriculture firm Syngenta for US$43 billion. Headquartered in Basel, Switzerland, Syngenta has over 57,000 employees in more than 100 countries. It is the world's largest crop protection company and third-largest seed company.
