Swiss-based seeds and agrochemicals company Syngenta is aiming to float on the Hong Kong Stock Exchange in September or October, valuing the company at US$50 billion (HK$390 billion), Germany's Handelsblatt newspaper reported on Tuesday, citing people familiar with the matter.
If the deal is confirmed, Syngenta will be the largest new listing of the year, surpassing Alibaba (9988)'s HK$101.2 billion IPO in 2019.
Syngenta, which is owned by Chinese state-owned group Sinochem, will submit a confidential listing application as early as June, the report said.
Rumors about Syngenta's potential listing first surfaced in late February. Reports indicated that the company would file a Hong Kong listing application in the second quarter, seeking to raise up to US$10 billion. Depending on market conditions, it plans to target its Hong Kong initial public offering in the fourth quarter.
Syngenta is headquartered in Switzerland. It was acquired by Sinochem in 2017 for US$44 billion. It applied for listing on the Shanghai Stock Exchange in 2021 but quickly withdrew in March 2024, citing market volatility.
Reuters and Staff reporter
