Shanghai Exchange Resumes Syngenta’s $10 Billion IPO Review

(Bloomberg) -- Syngenta Group’s plan for an initial public offering on the Shanghai Stock Exchange appears to be back on track after the bourse resumed a review of the application. 

The exchange on Tuesday updated the status of the IPO plan on its website. Earlier it had posted a notice, dated Sept. 30, that proceedings had been halted pending an update to information about its earnings. 

Syngenta, owned by China National Chemical Corp., said in July that it was targeting proceeds of 65 billion yuan ($10 billion) in a listing that could be the world’s largest this year. The company plans to sell as many as 2.79 billion new shares in the IPO, equivalent to a 20% stake. 

Syngenta has provided the Shanghai exchange with the requested earnings documentation, a person familiar with the transaction said Monday. 

A spokesman for Syngenta declined to comment.

Syngenta’s temporary snag adds to a growing list of Chinese IPOs put on ice in the wake of a governmental crackdown on the country’s technology companies. The local stock market has also been rocked by fears of contagion from property company China Evergrande Group’s debt crisis.
 

©2021 Bloomberg L.P.