<p>ChemChina is aiming to raise around $10 billion from a Shanghai IPO for Swiss agrichemical giant Syngenta Group, in what is set to be the world's largest flotation this year, sources with direct knowledge of the matter told <em>Reuters</em>.</p>.<p>ChemChina, which became part of Sinochem Holdings Corp last month, is also considering a secondary listing for Syngenta that could take place less than a year after its debut, with exchanges in Zurich, London and New York among the options being examined, sources said. Hong Kong is also being considered but is not a frontrunner, said one of the sources.</p>.<p>Syngenta is likely to be valued at around $60 billion including debt, or $50 billion without, said the sources who were not authorised to speak to media and declined to be identified.</p>.<p><strong>Read more: <a href="https://www.deccanherald.com/business/business-news/crypto-billionaire-novogratz-leads-funding-for-virtual-real-estate-firm-1003229.html" target="_blank">Crypto billionaire Novogratz leads funding for virtual real estate firm </a></strong></p>.<p>That compares with the $43 billion price tag ChemChina paid for Syngenta in 2017 - the country's biggest-ever foreign takeover aimed at using the Swiss firm's portfolio of top-tier chemicals and patent-protected seeds to drastically improve domestic agricultural output.</p>.<p>Since being taken over, Syngenta - the world's No.1 crop protection maker and No. 3 seed supplier - has been merged with Israeli agrochemical firm ADAMA and the fertiliser and seed business of Sinochem.</p>.<p>The prospectus for the initial public offering on Shanghai's STAR market could be lodged as soon as Wednesday, the sources said.</p>.<p>Syngenta spokesperson Saswato Das declined to comment. Representatives for ChemChina and Sinochem could not be reached for comment outside of regular business hours.</p>.<p>The float would be bigger than video-sharing platform Kuaishou Technology's $6.2 billion Hong Kong IPO. It will also be the two-year-old STAR board's biggest - a major boost after the eleventh-hour scrapping of Ant Group's blockbuster listing last year due to regulatory trouble.</p>.<p>About one-third of the proceeds from the Shanghai IPO will be used to repay debt, with the rest spent on research and development and new businesses, the sources said.</p>.<p>Syngenta competes with Germany's BASF, Bayer and US agrochemicals company Corteva, employing 49,000 people globally. It generated sales of $23.1 billion in 2020 and the United States and Brazil are its biggest markets.</p>.<p>Benefiting from rising commodity prices which helps farmers afford its seeds and sprays, Syngenta's sales increased 20% during the first quarter of 2021. Farmers have also rebuilt their stocks of seeds and pesticides after running them down during the pandemic last year.</p>.<p>It expects to see higher spending by farmers to feed the world's growing population and as changing climate conditions stoke demand for products like drought-resistant seeds.</p>.<p>Demand in China has also boomed, with Syngenta's first-quarter sales there increasing 41%. It has some 400 training centres across the country teaching farmers how to increase productivity.</p>.<p>As part of the listing process, Syngenta has conducted a so-called "tutoring" process with banks which is unique to China and sees bankers coach company executives on IPO-related issues.</p>.<p>China International Capital Corp, Bank of China unit BOCI and Citic Securities are leading the float, Syngenta has said.</p>.<p>More banks are expected to be part of the deal at a later date, the sources said.</p>.<p>Companies have raised $8.8 billion via IPOs on the STAR Market so far this year, making it the seven-biggest market globally, far behind the Nasdaq, New York and Hong Kong, Refinitiv data showed.</p>.<p>Beijing has been keen to nurture the Nasdaq-like bourse amid Sino-US tensions that have also triggered concerns about prospects for Chinese companies listing in the United States.</p>
<p>ChemChina is aiming to raise around $10 billion from a Shanghai IPO for Swiss agrichemical giant Syngenta Group, in what is set to be the world's largest flotation this year, sources with direct knowledge of the matter told <em>Reuters</em>.</p>.<p>ChemChina, which became part of Sinochem Holdings Corp last month, is also considering a secondary listing for Syngenta that could take place less than a year after its debut, with exchanges in Zurich, London and New York among the options being examined, sources said. Hong Kong is also being considered but is not a frontrunner, said one of the sources.</p>.<p>Syngenta is likely to be valued at around $60 billion including debt, or $50 billion without, said the sources who were not authorised to speak to media and declined to be identified.</p>.<p><strong>Read more: <a href="https://www.deccanherald.com/business/business-news/crypto-billionaire-novogratz-leads-funding-for-virtual-real-estate-firm-1003229.html" target="_blank">Crypto billionaire Novogratz leads funding for virtual real estate firm </a></strong></p>.<p>That compares with the $43 billion price tag ChemChina paid for Syngenta in 2017 - the country's biggest-ever foreign takeover aimed at using the Swiss firm's portfolio of top-tier chemicals and patent-protected seeds to drastically improve domestic agricultural output.</p>.<p>Since being taken over, Syngenta - the world's No.1 crop protection maker and No. 3 seed supplier - has been merged with Israeli agrochemical firm ADAMA and the fertiliser and seed business of Sinochem.</p>.<p>The prospectus for the initial public offering on Shanghai's STAR market could be lodged as soon as Wednesday, the sources said.</p>.<p>Syngenta spokesperson Saswato Das declined to comment. Representatives for ChemChina and Sinochem could not be reached for comment outside of regular business hours.</p>.<p>The float would be bigger than video-sharing platform Kuaishou Technology's $6.2 billion Hong Kong IPO. It will also be the two-year-old STAR board's biggest - a major boost after the eleventh-hour scrapping of Ant Group's blockbuster listing last year due to regulatory trouble.</p>.<p>About one-third of the proceeds from the Shanghai IPO will be used to repay debt, with the rest spent on research and development and new businesses, the sources said.</p>.<p>Syngenta competes with Germany's BASF, Bayer and US agrochemicals company Corteva, employing 49,000 people globally. It generated sales of $23.1 billion in 2020 and the United States and Brazil are its biggest markets.</p>.<p>Benefiting from rising commodity prices which helps farmers afford its seeds and sprays, Syngenta's sales increased 20% during the first quarter of 2021. Farmers have also rebuilt their stocks of seeds and pesticides after running them down during the pandemic last year.</p>.<p>It expects to see higher spending by farmers to feed the world's growing population and as changing climate conditions stoke demand for products like drought-resistant seeds.</p>.<p>Demand in China has also boomed, with Syngenta's first-quarter sales there increasing 41%. It has some 400 training centres across the country teaching farmers how to increase productivity.</p>.<p>As part of the listing process, Syngenta has conducted a so-called "tutoring" process with banks which is unique to China and sees bankers coach company executives on IPO-related issues.</p>.<p>China International Capital Corp, Bank of China unit BOCI and Citic Securities are leading the float, Syngenta has said.</p>.<p>More banks are expected to be part of the deal at a later date, the sources said.</p>.<p>Companies have raised $8.8 billion via IPOs on the STAR Market so far this year, making it the seven-biggest market globally, far behind the Nasdaq, New York and Hong Kong, Refinitiv data showed.</p>.<p>Beijing has been keen to nurture the Nasdaq-like bourse amid Sino-US tensions that have also triggered concerns about prospects for Chinese companies listing in the United States.</p>