Asian Tech Press -- Global agri-tech giant Syngenta Group (the Group) intends to raise about 65 billion yuan ($10 billion) by listing on the Shanghai Stock Exchange STAR Market.

Syngenta will announce its IPO prospectus on Wednesday evening, clearing the way for a listing by the end of this year, people familiar with the matter said.

A filing showed that in May this year, Syngenta has separately signedcounseling agreements with China International Capital Corp (CICC), BOC International (China) Co., Ltd., and CITIC Securities Co., Ltd. for the IPO.

According to previous estimates, if the listing is successful, the Group's market value may reach $60 billion.

Syngenta belongs to China National Chemical Corporation, also known as ChemChina, a Chinese state-owned chemical company.

In 2017, ChemChina paid $43 billion (about 300 billion yuan) to acquire Switzerland's Syngenta. Together with the early repayment of part of Syngenta's debt, the former actually spent $49 billion.

Upon the acquisition, ChemChina promised to list Syngenta again within five years after its delisting from the Swiss Stock Exchange and the New York Stock Exchange (NYSE).

It is worth mentioning that the potential Shanghai IPO is less than half a year from the time promised in 2017.

In 2020, ChemChina and Sinochem Corp. announced simultaneously to transfer all of their assets from agricultural segments to a core subsidiary, which was integrated with the acquired Syngenta to build the Group.

Therefore, the entity proposed listing is even bigger than Syngenta acquired four years ago.