New IPO News | Syngenta's Hong Kong IPO Said to Be Valued at Least US$66 Billion, Expected to Be One of the World's Largest IPOs Next Year

Title context: New IPO News | Syngenta's Hong Kong IPO Said to Be Valued at Least US$66 Billion, Expected to Be One of the World's Largest IPOs Next Year Text: There is further progress on the Hong Kong listing of Syngenta, the agrochemical giant under Sinochem. According to media reports citing people familiar with the matter, Syngenta's advisory team plans to set the valuation for its Hong Kong IPO at at least US$66 billion, making it potentially one of the world's largest initial public offerings (IPOs) next year. The company is most likely to list in early next year. The people familiar with the matter said UBS and CICC are pitching to investors at 15 to 20 times expected 2026 EBITDA. Based on Syngenta's 2025 EBITDA of US$4.4 billion, this corresponds to a valuation of approximately US$66 billion to US$88 billion. The agrochemical group, headquartered in Basel, Switzerland, is seeking to position itself as a biotechnology company rather than a traditional chemical producer, with its crop protection product portfolio and its research pipeline for new disease- and pest-resistant varieties seen as key to supporting the high valuation. On the share sale, Syngenta, controlled by Sinochem Holdings, plans to sell 10% to 20% of its equity, expecting to raise US$5 billion to US$10 billion, with proceeds to be used for debt repayment and investment in seed and crop protection businesses. CITIC BANK and Bank of America are also participating as underwriters. On the timing of the listing, the people familiar with the matter said the IPO could still be completed before the end of this year, but a listing in January 2027 is more likely. It is understood that Syngenta was acquired by ChemChina in 2017 for US$43 billion, and had previously planned a Shanghai listing before withdrawing its application in 2024.