Media365
Leading agricultural technology firm Syngenta Group is considering a Hong Kong listing that could raise as much as US$10 billion, in what would rank among the city’s largest initial public offerings (IPOs) in recent years.
The Swiss-founded company, acquired by Chinese state-owned Sinochem in 2017, is in talks with investment banks to arrange the share sale, sources told the South China Morning Post.
CICC and UBS are among the banks that are advising on the listing. Both banks declined to comment on the deal.
The fundraising could reach up to US$10 billion, depending on market conditions and investor demand, the sources said.
At that size, the deal would be Hong Kong’s biggest new listing since Alibaba’s US$12.9 billion secondary share sale in November 2019, according to London Stock Exchange Group data. Alibaba owns the SCMP.
Excluding secondary offerings, it would be the largest IPO since AIA Group’s US$20.5 billion debut in October 2010.
