Syngenta Group, the agrochemical and seeds giant under China's Sinochem Holdings, has reportedly submitted a confidential IPO application to the Hong Kong Stock Exchange, according to sources familiar with the matter. The company is aiming to raise approximately $5 billion (around HK$39 billion) from the offering, with a potential listing slated for next year.

If the plan proceeds smoothly, this would rank among the largest initial public offerings seen in the Hong Kong market in recent years. The listing initiative has been on the drawing board for quite some time. Back in April, reports emerged suggesting Syngenta intended to file its Hong Kong listing application on a confidential basis as early as June. Further reports in May, citing insiders, indicated the company was targeting a September or October debut on the exchange.

The formal submission of the confidential application marks a substantive step forward in the process. Headquartered in Switzerland, Syngenta stands as a global leader in seeds and crop protection products. It was acquired by China National Chemical Corp (ChemChina) for $44 billion back in 2017 and now operates under the umbrella of Sinochem Holdings. The company conducts business across more than 90 countries worldwide and employs over 50,000 people.