From Breakingviews - Syngenta’s IPO is more relief than triumph
will look attractive to domestic investors. Assume CEO Eric Fyrwald can expand sales at just 10% in 2023 - half that of last year - and keep Syngenta’s EBITDA margin stable at 16% of turnover. His company could be valued at $63 billion including debt on U.S. rival Corteva’sReuters Graphics Reuters Graphics
Yet the most global firm ever to float inside the People’s Republic has few peers to inspire for future listings. Since Chinese overseas acquisitions peaked inAlso, foreign investors’ access to listings in Shanghai and Shenzhen remains tightly regulated. A 2020 HSBCshowed only around 10% of foreign money invested into Chinese stocks went through the Qualified Foreign Institutional Investor program, the main channel for tapping mainland IPOs.
Syngenta Group has filed an application for a proposed initial public offering on the Shanghai Stock Exchange’s main board after withdrawing a previous request to list on the bourse's STAR Market on May 18. The Shanghai Stock Exchange accepted the new application on May 19. Syngenta, controlled by state giant ChemChina, plans to sell 20% of its equity capital after listing and seek to raise up to 65 billion yuan , giving it a total equity value of 325 billion yuan . Underwriters will have the option to buy an additional 15% of new shares.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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