By Helena Smolak
Agricultural company Syngenta Group said its listing on Shanghai’s main market won’t happen this year due to weak market conditions, the latest delay in its yearslong pursuit of a blockbuster initial public offering.
The Swiss company–which was acquired by Chinese state-owned ChemChina for $43 billion in 2017–has been working on an IPO since 2021. The company is aiming to raise 65 billion Chinese yuan ($8.93 billion), which would have made it the biggest IPO globally this year based on Dealogic data.
“Given weak market conditions we expect that the company will IPO by the end of next year,” a Syngenta spokesperson said Thursday. “We will also remain flexible in our approach and explore alternative methods to expanding our shareholder base.”
The plan to list next year remains subject to a recovery in market conditions, and an exact time frame can’t be estimated, a source close to Syngenta told The Wall Street Journal.
In May, Syngenta said it would withdraw its application to list on China’s Nasdaq-style market STAR Market and seek a flotation on the main board at the Shanghai Stock Exchange.
Write to Helena Smolak at helena.smolak@wsj.com
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