Numerous news from IPOs: Bike 24 are available for 15 euros, Mr. Spex is available for 23 to 27. Syngenta is meanwhile looking to China.
EThe IPO of the online bicycle dealer Bike24 was moderately successful. According to the accompanying investment banks, the shares will be issued for 15 euros. that is what the candidate had decided to do. The shares were offered in a range between 15 and 19 euros. Bike24 will receive 100 million euros as planned, the majority owner Riverside can count on 180 million euros. Overall, Bike24 has a market value of 662 million euros at the lower end of the range. The initial listing is planned for Friday.
Meanwhile, the Berlin online optician Mister Spex has set the price range for its planned IPO in Frankfurt at 23 to 27 euros per share. This corresponds to a market capitalization of up to 895 million euros, the company announced on Tuesday in Berlin. This should generate gross sales of between 225 and 264 million euros. The company intends to use the money to grow and expand internationally.
The offer includes up to 9.8 million new shares from a capital increase and up to 3.3 million papers from existing shareholders, it said. According to the company, around 2 million more existing shares are available to cover any over-allotments. The offer period begins on Wednesday and ends on Wednesday of the following week. First trading day should be July 2nd.
Syngenta’s initial public offering in China is approaching
Far away from Frankfurt, namely in Shanghai, the agrochemicals group Syngenta wants to go public. Syngenta announced that the accompanying investment banks had submitted a pre-listing tutoring report for the STAR Market technology exchange to the relevant regulatory authority, the China Securities Regulatory Commission (CSRC). The Swiss company is majority owned by the Chinese state group ChemChina and combines the Swiss Syngenta AG, Adama from Israel and the agricultural activities of the Chinese Sinochem. According to experts, it will be months before the Syngenta Group actually goes public because the transaction still has to be approved by the authorities. A second listing could later be in Zurich, London or Hong Kong.
So-called “tutoring” is a peculiarity of going public in China. The banks prepare the company for such a transaction by training the managers and ensuring that all regulatory requirements are complied with.
According to financial market circles, Syngenta could have a valuation of around $ 60 billion including debt. The group sees itself as the world market leader in the field of crop protection and number three in the field of seeds. The main competitors are the German corporations Bayer and BASF and the American Corteva. In 2020 Syngenta generated sales of $ 23.1 billion and an operating profit (Ebitda) of $ 4.0 billion.
Syngenta was previously listed on the Swiss stock exchange but was bought by ChemChina in 2017 for $ 43 billion. The transaction was part of a wave of consolidation in the chemical industry that is also advancing in China. At the end of March, the Chinese government approved the merger of the Sinochem Group and ChemChina, which had been on the agenda for years.