Bioceres SA, inventor of a soybean resistant to drought, is poised to be the first Argentine initial public offering (IPO) on the New York Stock Exchange in 15 months after receiving local regulatory approval for the seed this week, according to people with knowledge of the plan.
Bioceres, an agriculture technology company based in Rosario, is to sell as many as US$80.5 million of shares as soon as a window of opportunity opens, two people said, asking not to be named as the plan is not public.
Bioceres received approval on Monday last week for its HB4 stress tolerance trait in soybean seeds from the Argentine Ministry of Agriculture, Livestock and Fisheries.
Bioceres spokesman Geronimo Watson declined to comment on the IPO in an e-mailed statement, citing regulations from the US Securities and Exchange Commission and its Argentine counterpart, known as CNV.
Bioceres is targeting a commercial plan for the seeds for the 2016-2017 crop year that Argentine farmers start planting in October next year, the people said.
Sales proceeds would be used for working capital to have the seeds ready for sale and to develop distribution networks, they said.
Bioceres got the seed approval through Verdeca, a US joint venture with Davis, California-based Arcadia Biosciences Inc.
The drought-resistant seed was approved after six years of trials. The seed not only resisted drought, but it also improved yields by as much as 14 percent, according to the Argentine government.
Argentina is the world’s third-largest producer of soybeans after the US and Brazil. Soybean exports are the country’s largest income source of dollars, primarily because of China, whose global soybean imports have soared to 60 million tonnes in 2013 from 13 million tonnes in 2001.
STEADY: Prices are to rebound following inventory rebuilding demand, TrendForce said, with Samsung Electronics Co further trimming capacity as it slashes DDR4 lines The contract prices of DRAM chips are to rise by as much as 18 percent sequentially this quarter — the first price upticks in about eight quarters — driven mainly by inventory rebuilding demand for DRAM chips used in mobile devices and PCs, TrendForce Corp (集邦科技) projected yesterday. The price rebound is led by a quarterly increase of mobile DRAM chips, which are to climb between 13 percent and 18 percent quarter-on-quarter this quarter, which has not been seen since the fourth quarter of 2021, the Taipei-based market researcher predicted. Likewise, the price of mainstream PC DDR4 DRAM is expected to bounce
CHINA NOT A FRIEND: ‘Newsflash: Democracy is good for your businesses,’ US Secretary of Commerce Gina Raimondo said as she gave a speech at a national defense forum US Secretary of Commerce Gina Raimondo on Saturday urged lawmakers, Silicon Valley and US allies to stop China from getting semiconductors and cutting-edge technologies key to national security. Speaking at an annual national defense forum in Simi Valley, California, Raimondo called Beijing “the biggest threat we’ve ever had” and stressed that “China is not our friend.” The world’s top two economies are locked in a fierce commercial and geopolitical rivalry, in which her department plays a leading role. In October, Raimondo unveiled a series of restrictions on the export of advanced chips to China, including those used in the development of artificial intelligence
SOLID FOUNDATION: Given its decades of expertise in megatronics, manufacturing and robotics, Japan has the wherewithal to create its own AI, Jensen Huang said Nvidia Corp plans to help build an artificial intelligence (AI) tech-related ecosystem in Japan to meet demand in a country eager to gain an edge in this emerging technology. The US company will seek to partner with Japanese research organizations, companies and start-ups to build factories for AI, Nvidia CEO Jensen Huang (黃仁勳) said yesterday during opening remarks in a meeting with Japanese Minister of Economy, Trade and Industry Yasutoshi Nishimura. The company is to set up an AI research laboratory, and invest in local start-ups and educate the public on using AI, Huang said. Huang earlier this week met with Japanese Prime
A Hong Kong court postponed a court hearing on troubled Chinese property developer Evergrande Group’s (恆大集團) winding-up petition scheduled for yesterday until Jan. 29. Evergrande is trying to win support from its creditors for a plan to restructure more than US$300 billion in debt to stave off liquidation. The company’s lawyer told the court it was requesting an adjournment to “refine” its new debt restructuring plan. The Hong Kong High Court has postponed the hearing over Evergrande’s potential liquidation several times. Judge Linda Chan (陳靜芬) had said in October that yesterday’s hearing would be the last before a decision is handed down. Chan