Syngenta’s $5 billion HK IPO pushed back amid agriculture sector uncertainty, Bloomberg News reports
FILE PHOTO: A logo is seen at the headquarters of agricultural chemical maker Syngenta in Basel, Switzerland January 30, 2020. REUTERS/Arnd Wiegmann/File Photo
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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.
Syngenta, which is controlled by Chinese state-owned Sinochem, did not immediately respond to a Reuters request for comment.
Earlier this year, Reuters reported that Syngenta was looking to apply for a Hong Kong IPO in the second quarter, which could raise up to $10 billion.
Source: Reuters
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