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Syngenta plans Hong Kong listing worth up to $10 billion
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Syngenta plans Hong Kong listing worth up to $10 billion

ZURICH/HONG KONG ― Syngenta Group is targeting a Hong Kong listing that could raise as much as $10 billion, two sources with knowledge of the plans said, setting the Swiss agrichemicals and seeds group on course for one of the world’s biggest IPOs in recent years.Syngenta, owned by Chinese state-owned Sinochem, is in talks with several banks to arrange the deal, the sources said, declining to be named as they were not authorized to speak to the media.The company could float up to 20 percent of its shares, the sources said, adding that the size and timing of the offering was not final and could change depending on market conditions.If it raised $10 billion, the flotation would be the third biggest globally in the last five years, after Rivian Automotive in 2021 and LG Energy Solution in 2022, according to Dealogic data.“We do not comment on market rumors. We will continue to assess our capital markets strategies based on market conditions and other relevant factors that are in the best interests of our shareholders,” Syngenta said, after Reuters was first to report the IPO plan earlier on Thursday.“As we have always said, we intend to return to the capital markets when the time is right,” Syngenta added.The Basel-based company competes with US Corteva group, as well as Germany’s BASF and Bayer, producing seeds and sprays that help farmers protect crops from weeds, insects and disease.“The IPO environment has improved significantly over the past few quarters, and the agricultural sector is currently on the way up, but far off peaking, which makes this an attractive sector,” said Markus Mayer, head of capital markets at Baader Bank.Syngenta is in talks with banks including Goldman Sachs, UBS and Chinese investment bank CICC, as well as Morgan Stanley and HSBC, the sources said.CICC, UBS, HSBC and Goldman Sachs declined to comment, while Morgan Stanley did not immediately respond to requests for comment.The potential Hong Kong listing would come two years after Syngenta scrapped its application for an IPO on the Shanghai Stock Exchange, citing the industry environment and weakness in China’s equity market.Hong Kong fundraising momentumNo decision has been made on the IPO size, which could range from 10 percent to 20 percent, and raise $5 billion to $10 billion, one of the sources said.No bank mandates have been agreed, the person added, with the process only just starting and Syngenta aiming to complete the IPO by the end of 2026.Syngenta would use part of the IPO proceeds to reduce debt, the sources said. Net debt stood at $24.8 billion at the end of 2024, according to the company.Proceeds could also be used to fund research and development and acquisitions. Syngenta typically spends about $2 billion per year on R&D and wants to expand its pipeline of new products.Developing new seeds and insecticides can take up to 10 years and cost around $300 million, but newer products are more effective, used in smaller amounts, and offer higher margins.The company also plans to expand its artificial intelligence tools, which include systems that give advice to smaller farmers.The listing plan is partly driven by a desire to reduce Chinese ownership, two of the sources said, which could help ease US concerns at a time of heightened trade tensions.Arkansas ordered Syngenta to sell 160 acres (65 hectares) of farmland in 2023 because of its Chinese ownership, amid broader scrutiny of foreign land holdings.The listing plan comes after Syngenta reported an improvement in its recent results, with profits rising 25 percent in the first nine months of 2025, despite slightly lower sales.Syngenta was formed in 2000 from the merger of Novartis’ and AstraZeneca’s agribusinesses and was acquired by China National Chemical Corp, or ChemChina, for $43 billion in 2017 before being folded into Sinochem.The planned flotation would add to renewed fundraising momentum in Hong Kong after the city reclaimed the top spot globally for IPO proceeds in 2025. Companies raised about $37.2 billion in Hong Kong main-board listings last year, LSEG data showed.The Asian financial hub has got off to one of its strongest starts for years in 2026. In January, 12 companies listed, raising about $4.2 billion, according to LSEG data.

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