(Bloomberg) -- Syngenta said it will postpone its planned initial public offering to the end of next year amid market volatility.

The Chinese-owned seed giant also intends to pursue a flexible approach and continue looking for alternative methods to expand its shareholder base, according to spokesman. 

In July, Bloomberg reported that Syngenta had approached Middle Eastern sovereign funds as it sought cornerstone investors for its 65 billion yuan ($9 billion) IPO.

Read More: Syngenta Seeks to Lure Mideast Funds to $9 Billion IPO

Earlier on Thursday, Syngenta reported a third-quarter Ebitda of $300 million, down 68% from a year ago. Softer market demand and a one-time seed inventory correction in Brazil were among the main drivers of the decline. 

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