Insurer FWD Group plans to launch its Hong Kong initial public offering (IPO) to raise about $500 million as early as next week, said two sources with direct knowledge of the matter.
FWD declined to comment on the deal and the sources could not be named as they were discussing confidential information.
The insurance group, controlled by Hong Kong billionaire Richard Li, was given approval by the Hong Kong Stock Exchange to proceed with the listing, according to the exchange’s website.
The deal would be FWD‘s third attempt to go public after it initially aimed for a New York IPO in 2021 to raise $2 to $3 billion.
The insurance group shelved the plan due to lengthy delays in obtaining U.S. regulatory approval. FWD faced questions from the U.S. regulators on its mainland China ties, Reuters reported citing sources, and had been treated by authorities as a Chinese business rather than a Hong Kong entity.
It then targetted a Hong Kong IPO in 2022 but put those plans on hold due to volatile global financial markets at the time.
Li, the son of Hong Kong’s richest person Li Ka-shing, founded FWD in 2013 and controls it via investment arm Pacific Century Group, which has interests in the technology, media, telecoms and property as well as financial sectors.
FWD operates in ten markets across Asia, according to its website. It counts Apollo, Swiss RE and GIC, among others as shareholders, according to its regulatory filings.
Reuters
