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 potentially one of the world’s biggest IPOs in recent years.
Syngenta, owned by Chinese state-owned Sinochem, is in talks with several banks about arranging the deal, said the sources, who declined to be named as they were not authorised to speak to the media.
The company could float up to 20% of its shares, the sources said, adding that the size and timing of the public offering were not final and could change depending on market conditions.
If it raised $10 billion, the float 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 rumours. 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, as well as Germany’s BASF and Bayer and produces seeds and sprays to help farmers grow more reliable crops and lose less yield to weeds, insects and disease.
The company is in talks with banks including Goldman Sachs, UBS and Chinese investment bank CICC, among others, for managing the initial public offering, the sources said.
The company is also in talks with Morgan Stanley and HSBC, the sources said.
CICC, UBS and HSBC declined to comment, while Goldman Sachs and Morgan Stanley did not immediately respond to requests for comment.
The potential HK listing would come two years after Syngenta scrapped its application for a Shanghai IPO.
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 the Chinese equity market.
Hong Kong fundraising momentum
No decision has yet been made on the size of the IPO, which could range from 10%-20%, and raise $5 billion to $10 billion, a source said.
No mandates have yet been agreed with banks, said the same person, adding the process has just started with Syngenta wanting to complete the IPO by the end of 2026.
Syngenta will use part of the IPO proceeds to reduce debt, all 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.
The company’s plan to list is also fuelled by its aim to reduce Chinese ownership. This could be helpful in view of trade tensions between China and the U.S., one of Syngenta‘s biggest markets, said one of the sources.
The listing plan comes after Syngenta reported an improvement in its recent results, with profits rising by 25% 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 float 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.
Reuters
