Syngenta starts 'tutoring' process ahead of Shanghai IPO

Syngenta starts 'tutoring' process ahead of Shanghai IPO

Swiss agrichemical giant Syngenta, owned by ChemChina, has begun the so-called "tutoring" process with investment banks ahead of a planned initial public offering IPO on Shanghai's STAR market, a China Securities Regulatory Commission statement said.

Syngenta logo is seen at its China headquarters in Beijing
A Syngenta logo is seen at its China headquarters in Beijing, China July 16, 2018. REUTERS/Jason Lee

SHANGHAI -Swiss agrichemical giant Syngenta has begun the so-called "tutoring" process with investment banks ahead of a planned initial public offering on Shanghai's STAR Market, indicating the float may occur before its June 2022 target, a spokesperson for the group said.

The banks involved in the process - which sees bankers coach company executives on IPO-related issues - include China International Capital Corp, Bank of China unit BOCI, and Citic Securities, a China Securities Regulatory Commission statement said.

A Syngenta spokesperson said the company plans to complete the IPO by the end of the first half of 2022, adding however that the filing of the tutoring documents indicates the float may be earlier than that.

Media reports earlier this month said Syngenta, which is owned by ChemChina, was eyeing a US$60 billion valuation.

State-owned ChemChina, which bought Syngenta for US$43 billion in 2017, last year merged the Swiss firm with Israel's ADAMA and the fertiliser and seed business of Sinochem, another of China's state-owned chemical firms.

(Reporting by Samuel Shen and Tom Daly; Additional reporting by John Revill in Zurich; Editing by Toby Chopra and Jan Harvey)

Source: Reuters

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