Syngenta Group is pursuing a Hong Kong listing that could generate up to $10 billion in proceeds this year, according to two people with direct knowledge of the matter. If completed on that scale, the offering would place the Swiss-based agrichemicals and seeds company among the largest initial public offerings of 2026.
The company, which is owned by Chinese state group Sinochem, has been in preliminary discussions with a slate of investment banks about lining up roles for the potential deal, the sources said. They requested anonymity because they were not authorised to discuss the matter publicly. The sources indicated Syngenta could float as much as 20% of its equity, but they emphasised that both the size of the sale and the timing are not final and could shift should market conditions change.
On comment, Syngenta said: "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," and added, "As we have always said, we intend to return to the capital markets when the time is right."
Among the banks named by the sources as being in talks to manage the offering were Goldman Sachs, UBS and Chinese investment bank CICC, with Morgan Stanley and HSBC also engaged in discussions, according to two of the original sources plus two additional people familiar with the talks. CICC and UBS declined to comment. Goldman Sachs, Morgan Stanley and HSBC did not immediately reply to requests for comment.
Those involved in the planning said part of the funds raised through a listing would be earmarked for reducing Syngenta's debt. No further details on the intended amount of debt reduction or other uses of proceeds were provided by the sources.
The contemplated Hong Kong float would follow a decision by Syngenta nearly two years earlier to withdraw an application for an initial public offering on the Shanghai Stock Exchange. At that time, the company cited the industry environment and its overall development strategy as factors in the decision to pull its Shanghai filing.
At present, Syngenta's public offering plans remain in flux. The company and the banks mentioned continue to evaluate whether and when to proceed, with market conditions and shareholder interests highlighted as central considerations in any final decision.