Syngenta targets up to $10 billion in Hong Kong IPO revival

Syngenta Group is preparing to file in the second quarter for a Hong Kong initial public offering that could raise up to $10 billion, according to people familiar with the matter, marking a renewed push to return to public markets after abandoning a Shanghai listing two years ago. The Switzerland-based seeds and crop protection company, controlled by Sinochem Holdings, is expected to launch the share sale in the fourth quarter, subject to market conditions. The company has declined to comment on the timeline, saying it continues to assess capital markets options.

People close to the transaction said Syngenta may sell between 10% and 20% of its shares. The group has reportedly appointed CICC and Goldman Sachs as lead coordinators, with Bank of America, CITIC Securities and UBS also working on the deal. If completed at the upper end of the target range, the flotation would rank among the largest global IPOs in recent years and provide a boost to Hong Kong’s resurgent equity capital markets.

Syngenta withdrew its Shanghai listing application in 2024, citing unfavorable market conditions and regulatory constraints. A Hong Kong listing would give the company access to a broader international investor base while maintaining connectivity with mainland Chinese investors. The group operates in more than 90 countries and competes with Corteva, BASF and Bayer in the roughly $120 billion global crop protection and seeds market, which is expanding at an estimated 2% to 3% annually.

Sources: Reuters, Bloomberg