Syngenta to raise up to $10 billion in IPO

According to Bloomberg, Syngenta is currently in early discussions with financial institutions like UBS Group AG, Bank of America, and Goldman Sachs regarding the possibility of an initial public offering this year. According to available information, the company plans to make between 10% and 20% of its shares available for public listing. Syngenta's board of directors is anticipated to make a decision regarding the IPO and its possible scale in the upcoming weeks.

Syngenta originally intended to go public on the Shanghai stock exchange, but later decided to cancel its listing application in March 2024. At that time, the IPO faced challenges due to stricter rules on approving listings in mainland China and a weakening Chinese economy. Syngenta's CEO, Jeff Rowe, stated that the market conditions were not favorable.

Bloomberg Intelligence analyst Jason Miner pointed out that Syngenta's IPO will offer investors a rare chance to invest in a company that benefits from the wheat and soybean production industries, which are largely controlled by private firms. He thinks this is a rare bet focused on the pure agricultural market. A listing in Hong Kong will enable Syngenta to draw in international investors while still having access to participants in the mainland Chinese market.

source: bloomberg.com