World leading provider of agricultural science technology focusing on seed and crop protection products Syngenta AG (SYT) says that it will be using the $10 billion it will fetch from its Shanghai stock exchange initial public offering to finance growth and acquisitions.
The company made the announcement through its official website following the IPO announcement which was made by Shanghai stock exchange last Friday.
“Syngenta Group will expand and renovate its production facility and implement strategic acquisition to meet growing market needs,” read the post by the company.
According to regulatory filing documents revealed by the Shanghai stock exchange, it shows that the listing application submitted by Syngenta had been accepted and the company is set to float 2.79 billion shares.
This IPO still needs the approval of the Shanghai stock exchange and registration with the China Securities Regulatory Commission.
This will go down on record as the largest floatation across the world in 2021. This IPO will leave the company with a market valuation of about $60 billion once it’s concluded.