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Seeds and chemicals firm targets 2026 float of up to 20%

of

shares

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Banks are in early stages of talks

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Proceeds earmarked for reducing debt, growth

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IPO could be third biggest since 2021

(Adds details in paragraphs 12-15 on potential size of IPO,

timing and debt reduction plan, business context paragraphs

16-18, Hong Kong IPOs final 2 paragraphs)

By John Revill, Oliver Hirt and Kane Wu

ZURICH/HONG KONG, Feb 5 (Reuters) - Syngenta Group is

targeting a Hong Kong listing that could raise as much as $10

billion, two sources with knowledge of the ‌plans said, setting

the Swiss agrichemicals and seeds group on course for

potentially one of the world's biggest IPOs in recent years.

Syngenta, owned by Chinese state-owned Sinochem, is in talks

with several banks about arranging the ​deal, said the sources,

who declined to be named as they were not authorised to speak to

the media.

The company could float up to ‍20% of its shares, the sources

said, adding that the size and timing of the public offering was

not ⁠final and could change depending on ⁠market conditions.

If it raised $10 billion, the float would be the third

biggest globally in the last five years, after Rivian Automotive ( RIVN )

in 2021 and LG Energy Solution in 2022,

according to Dealogic data.

"We ‌do not comment on market rumours. We will continue to

assess our capital markets ​strategies based on market conditions

and other relevant factors that are in the best interests of our

shareholders," Syngenta said, after Reuters was first to report

the IPO plan earlier on Thursday.

"As we have always said, we intend to return to ⁠the capital

markets when the time is right," Syngenta added.

The Basel-based company competes ‍with U.S. Corteva, ​as well

as Germany's BASF and Bayer and produces seeds and sprays to

help farmers grow more reliable crops and lose less yield to

weeds, insects and disease.

The company is in talks with banks including Goldman Sachs ( GS )

, UBS and Chinese investment bank CICC

, among ‍others, for managing the initial public

offering, the sources said.

The company is also in talks with Morgan Stanley ( MS ) and

HSBC ( HSBC ), the sources said.

CICC, UBS and HSBC ( HSBC ) declined to comment, while Goldman Sachs ( GS )

and Morgan Stanley ( MS ) did not immediately respond to requests for

comment.

The potential Hong Kong listing would come two years after

Syngenta scrapped its application for an IPO on the Shanghai

Stock Exchange, citing the industry environment and weakness in

the Chinese equity market.

HONG KONG FUNDRAISING MOMENTUM

No decision has yet been made on the size of the IPO, which

could range from 10%-20%, and raise $5 billion to $10 billion, a

source said.

No mandates have ​yet been agreed ‍with banks, said the same

person, adding the process has just started with Syngenta

wanting to complete the IPO by the end of 2026.

Syngenta will use part of the IPO proceeds to reduce debt,

all the sources said. Net debt stood at $24.8 billion at ​the end

of 2024, according to the company.

Proceeds could also be used to fund research and development

and acquisitions.

The company's plan to list is also fuelled by its aim to

reduce Chinese ownership. This could be helpful in view of trade

tensions between China and the U.S., one of Syngenta's biggest

markets, said one of the sources.

The listing plan comes after Syngenta reported an

improvement in its recent results, with profits rising by 25% in

the first nine months of 2025, despite slightly lower sales.

Syngenta was formed in 2000 from the merger of Novartis'

and AstraZeneca's ( AZNCF ) agribusinesses, and was acquired by China

National Chemical Corp, or ChemChina, for $43 billion in 2017

before being folded into Sinochem.

The ​planned float would add to renewed fundraising momentum

in Hong Kong after the city reclaimed the top spot globally for

IPO proceeds in 2025. Companies raised about $37.2 billion in

Hong Kong main-board listings last year, LSEG data showed.

The Asian financial hub has got off to one of its strongest

starts for years in 2026. In January, 12 companies listed,

raising about $4.2 billion, according to ‍LSEG data.