May 19, 2023 05:25 AM

BUSINESS

Syngenta Moves $9.4 Billion IPO to Main Board in Shanghai

By Guo Jiying and Denise Jia

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Syngenta was acquired by state-owned ChemChina for $43 billion in 2017.

Syngenta was acquired by state-owned ChemChina for $43 billion in 2017.

Swiss agricultural giant Syngenta Group is moving its $9.4 billion initial public offering to the main board of the Shanghai Stock Exchange and dropping a plan to go public on the Nasdaq-like STAR Market, the company said Thursday.

The unit of Chinese state-owned ChemChina said it made the decision after China fully rolled out its registration-based share issuance system across all boards in February. Syngenta Group will be a better fit on the main board, making the stock available to more diversified investors, Syngenta said.

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