Exclusive: ChemChina seeks to raise $10 billion from Syngenta IPO – sources By Reuters

© Reuters. FILE PHOTO: A Syngenta logo is seen at its China headquarters in Beijing, China July 16, 2018. REUTERS/Jason Lee/File Photo

By John Revill and Julie Zhu

ZURICH/HONG KONG (Reuters) – ChemChina, the owner of Syngenta Group, is aiming to raise around 65 billion yuan ($10 billion) from an IPO for the Swiss agrichemical giant on Shanghai’s STAR Market, sources familiar with matter told Reuters.

Syngenta will likely post the prospectus for its upcoming initial public offering later on Wednesday, sources have told Reuters, clearing the way for its flotation by the end of 2021.

The IPO would value Syngenta at around $60 billion including debt, or $50 billion without, said the sources who were not authorised to speak to media and declined to comment.

Syngenta spokesman Saswato Das declined to comment.

ChemChina, which bought Syngenta for $43 billion in 2017, last year merged the Swiss firm with Israel’s ADAMA and the fertiliser and seed business of Sinochem.

A long planned merger of ChemChina and Sinochem was approved by China’s state assets regulator in March.

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