Reuters reported this week that Syngenta thinks the conditions are finally right for an IPO. The Hong Kong listing is reportedly seeking a valuation of at least $66 billion, possibly as early as January, on a 15 to 20x 2026 EBITDA multiple.
On its 2025 EBITDA of $4.4 billion, that works out to somewhere between $66 billion and $88 billion. The plan is to sell 10% to 20% of the company and raise between $5 billion and $10 billion, with the proceeds going to paying down debt and more investment in crop protection and seed R&D.
I have followed Syngenta's IPO efforts from the 2021 Shanghai prospectus, through the restructuring wave reshaping crop protection, and every previous IPO target that is now moot. What stands out to me this time is the valuation target and the positioning as a "biotech."
I think they are going to struggle to see that kind of multiple.
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