Syngenta Group is considering a plan to launch its mega initial public offering in Shanghai before the end of this year, according to people familiar with the matter, paving the way for one of the world’s biggest listings in 2022.
The seed and fertilizer giant owned by China National Chemical Corp. could seek a 65 billion yuan ($9.7 billion) listing on Shanghai’s Nasdaq-style Star Board that it has already announced, the people said, asking not to be identified as the information is private.
The Switzerland-headquartered company could allocate about 30 billion yuan worth of the offering to strategic investors, the people said. It planned to sell as many as 2.79 billion new shares in the IPO, equivalent to a 20% stake, according to a prospectus filed last year.
Deliberations are ongoing and details of the IPO including size and timeline could still change, the people said. Syngenta declined to comment.
At $10 billion, Syngenta’s listing would rank among the world’s biggest IPOs this year, according to data compiled by Bloomberg. Battery maker LG Energy Solution raised about $10.7 billion in January in South Korea’s largest ever first-time share sale, while Dubai Electricity & Water Authority gathered $6.1 billion in its March offering. READ MORE
By John Liu, Dong Cao, and Pei Li
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?