News
James B. Bell
- November 09, 2023
By Helena Smolak
The agricultural company Syngenta Group has announced that its plans to list on Shanghai's main market will be postponed until next year due to unfavorable market conditions. This is the latest setback in the company's prolonged pursuit of a significant initial public offering.
Acquired by Chinese state-owned ChemChina for $43 billion in 2017, the Swiss company has been working on this IPO since 2021. With a target fundraising amount of 65 billion Chinese yuan ($8.93 billion), Syngenta's IPO would have been the largest globally this year, based on Dealogic data.
"We expect the company to go public by the end of next year, taking into account the weak market conditions," stated a spokesperson from Syngenta. "In addition to this approach, we will remain flexible and explore alternative methods to expand our shareholder base."
However, the plan to list in 2023 remains dependent on an improvement in market conditions, making it difficult to provide an exact timeline, according to a source close to Syngenta who spoke to The Wall Street Journal.
In May, Syngenta announced its withdrawal of the application to list on China's Nasdaq-style market, STAR Market, and instead pursue a flotation on the main board at the Shanghai Stock Exchange.
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