Syngenta targets at least US$66bn valuation in Hong Kong IPO
Syngenta, a Swiss-Chinese agrochemicals group controlled by Sinochem, is targeting a valuation of at least US$66 billion in its planned Hong Kong listing, likely in early 2027. The IPO could raise US$5-10 billion, with proceeds used to cut debt and invest in crop protection and seeds.
Syngenta's advisers are targeting a valuation of at least US$66 billion in the Swiss-Chinese agrochemicals group's planned Hong Kong listing, which is likely to take place early next year, two people familiar with the matter told Reuters.
UBS and China International Capital Corp are marketing the Basel-based maker of seeds and crop-protection products at 15 to 20 times expected 2026 core earnings, the sources said. That would value Syngenta, which is controlled by Chinese state-owned firm Sinochem, at US$66 billion to US$88 billion, based on its 2025 EBITDA of US$4.4 billion, placing the offering among the largest global IPOs expected next year.
The valuation reflects Syngenta's efforts to position itself more as a biotechnology company than a chemicals producer, the sources said. One of them added that a strong product line-up in crop protection and development pipeline for new seed varieties resistant to disease and pests supported a high valuation.
China CITIC Bank and Bank of America are also helping run the IPO. Syngenta and UBS declined to comment. CICC, China CITIC Bank and Bank of America did not immediately respond to requests.
Three sources said the IPO could still take place before the end of 2026, but an early-2027 debut was considered more likely. 'There's confidence a January window is feasible,' said one. The bankers are meeting investors in Shanghai, Hong Kong and Beijing ahead of planned marketing in Frankfurt and London.
Some Asian investors are also showing renewed interest in more traditional industrial companies as enthusiasm for artificial intelligence-related stocks cools, the sources added. Syngenta, which Sinochem acquired for US$43 billion in 2017, plans to sell a stake of 10 per cent to 20 per cent and use the proceeds to reduce debt and invest in crop-protection products and seeds. The company has already filed for the flotation which could raise US$5 billion to US$10 billion.