BEIJING: Swiss agrichemicals and seeds group Syngenta has withdrawn its application to list on the
Shanghai Stock Exchange
, the company said on Friday.
The IPO, which would have valued the
Sinochem-owned company
at about $60 billion, has been postponed repeatedly since being proposed in 2021 due to unfavourable market conditions.
“After careful consideration of industry environment and the company’s own development strategy, Syngenta Group has decided to withdraw its application for IPO on the main board of the Shanghai Stock Exchange,” the company said in a statement.
The company added that it will look to restart the listing process either in China or on a different global exchange, when the conditions are right and explore alternative sources of funding.
The Shanghai Exchange said in a filing that the bourse had terminated its review of Syngenta’s IPO application after the company applied to withdraw it.
Company executives had said as recently as November last year that the company planned to list in 2024, with the offering expected to raise $10 billion.
Weak demand in key markets such as Brazil has seen the company’s earnings slide.
Sales in the three months to the end of September 2023 fell 13% to $6.8 billion, while earnings before interest, tax, depreciation and amortisation plunged 68% to $300 million.