Syngenta has abandoned its intention to hold an IPO in Shanghai
Source: interfax.ru
Syngenta Group, one of the world's largest producers of seeds and plant protection products, has abandoned its intention to conduct an initial public offering on the Shanghai Stock Exchange after years of attempts.
The company withdrew the listing application "after careful consideration of the situation in the global industry and its own development strategy," according to its statement released on Friday.
"The company will explore resuming the listing process in China or on another global exchange if suitable conditions arise," the press release said. "Alternative sources of financing will also be considered."
Swiss Syngenta, which was acquired by China's China National Chemical Corp. (ChemChina) in 2017 for $43 billion, has been preparing for an IPO since 2021, but it has been postponed several times. The company intended to raise about 65 billion yuan (approximately $9 billion). Last November, she announced that the listing in Shanghai in 2023 would not take place due to unfavorable market conditions. At the same time, it was announced that the company was expected to go public by the end of 2024.
"The company will explore resuming the listing process in China or on another global exchange if suitable conditions arise," the press release said. "Alternative sources of financing will also be considered."
Swiss Syngenta, which was acquired by China's China National Chemical Corp. (ChemChina) in 2017 for $43 billion, has been preparing for an IPO since 2021, but it has been postponed several times. The company intended to raise about 65 billion yuan (approximately $9 billion). Last November, she announced that the listing in Shanghai in 2023 would not take place due to unfavorable market conditions. At the same time, it was announced that the company was expected to go public by the end of 2024.
