Reuters first to report Syngenta’s $10 billion IPO

Reuters was first to report that ChemChina is aiming to raise around $10 billion from a Shanghai IPO for Swiss agrichemical giant Syngenta Group, in what is set to be the world’s largest flotation this year. Syngenta’s prospectus to list on Shanghai’s Nasdaq-style STAR Market was posted online by the Shanghai Stock Exchange on July 2, confirming details reported earlier by Reuters after the application was filed. Syngenta Group will use the proceeds from its $10 billion initial public offering (IPO) to fund internal growth and an acquisition spree to snare more of the $100 billion market for seeds and sprays, the agrichemical giant said.