© Reuters.
Swiss agrochemicals company Syngenta confirmed its determination to proceed with a $10 billion flotation despite the current challenging market conditions. The company’s initial public offering (IPO), initially planned for this year, has been postponed to the end of next year due to weak financial markets. In a bid to expand its shareholder base, Syngenta is also exploring alternative strategies.
Earlier today, Syngenta disclosed a significant decrease in its third-quarter EBITDA, reporting a figure of $300 million, marking a substantial 68% drop compared to last year’s performance. This announcement comes amidst ongoing market turbulence that has influenced the company’s decision to delay its IPO.
Back in July, Syngenta had sought Middle Eastern sovereign funds as potential cornerstone investors for the delayed $9 billion offering. This move was part of the company’s broader strategy to diversify its shareholder base and generate additional capital in anticipation of the upcoming flotation.
Despite the current economic climate and the recent decline in its earnings, Syngenta remains committed to executing its flotation plan. The company’s steadfast approach underlines its confidence in overcoming the prevailing market challenges and achieving its long-term financial objectives.
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