Syngenta's $5 billion HK IPO pushed back amid agriculture sector uncertainty, Bloomberg News reports
FILE PHOTO: Syngenta Group China sign hangs at its Modern Agriculture Platform' (MAP) service centre, during a media tour in Wei county of Handan, Hebei province, China June 11, 2021. REUTERS/Tingshu Wang/File Photo
July 16 : Swiss agricultural chemicals and seeds company Syngenta's planned $5 billion Hong Kong IPO is facing delays as the company awaits better conditions in the sector, Bloomberg News reported on Thursday, citing people familiar with the matter.
A listing in 2027 is now seen as the more likely timeline, according to the report.
Bloomberg said the Middle East war has disrupted crop and fertilizer markets, while Syngenta could also face a longer IPO approval process because of its exposure to the agricultural seeds sector.
"We do not comment on market rumours," Syngenta said in an emailed response to Reuters. "We intend to return to the capital market when the time is right."
Earlier this year, Reuters reported that Syngenta, which is controlled by Chinese state-owned firm Sinochem, was looking to apply for a Hong Kong IPO in the second quarter, which could raise up to $10 billion.
