BEIJING: Swiss agrichemicals and seeds group Syngenta has withdrawn its application to listing on the Shanghai Stock Exchange, the corporate stated on Friday.
The IPO, which might have valued the Sinochem-owned firm at about $60 billion, has been postponed repeatedly since being proposed in 2021 on account of unfavourable market circumstances.
“After careful consideration of industry environment and the company’s own development strategy, Syngenta Group has decided to withdraw its application for IPO on the main board of the Shanghai Stock Exchange,” the corporate stated in a press release.
The firm added that it’ll look to restart the itemizing course of both in China or on a special international trade, when the circumstances are proper and discover different sources of funding.
The Shanghai Exchange stated in a submitting that the bourse had terminated its overview of Syngenta’s IPO application after the corporate utilized to withdraw it.
Company executives had stated as just lately as November final 12 months that the corporate deliberate to listing in 2024, with the providing anticipated to boost $10 billion.
Weak demand in key markets comparable to Brazil has seen the corporate’s earnings slide.
Sales within the three months to the top of September 2023 fell 13% to $6.8 billion, whereas earnings earlier than curiosity, tax, depreciation and amortisation plunged 68% to $300 million.
The IPO, which might have valued the Sinochem-owned firm at about $60 billion, has been postponed repeatedly since being proposed in 2021 on account of unfavourable market circumstances.
“After careful consideration of industry environment and the company’s own development strategy, Syngenta Group has decided to withdraw its application for IPO on the main board of the Shanghai Stock Exchange,” the corporate stated in a press release.
The firm added that it’ll look to restart the itemizing course of both in China or on a special international trade, when the circumstances are proper and discover different sources of funding.
The Shanghai Exchange stated in a submitting that the bourse had terminated its overview of Syngenta’s IPO application after the corporate utilized to withdraw it.
Company executives had stated as just lately as November final 12 months that the corporate deliberate to listing in 2024, with the providing anticipated to boost $10 billion.
Weak demand in key markets comparable to Brazil has seen the corporate’s earnings slide.
Sales within the three months to the top of September 2023 fell 13% to $6.8 billion, whereas earnings earlier than curiosity, tax, depreciation and amortisation plunged 68% to $300 million.
