Hong Kong-based insurance heavyweight FWD Group has once again filed for an application to list on the Hong Kong stock exchange.
It last filed an application in Hong Kong in March 2023, following applications in September 2022 and in February 2022. These applications ultimately lapsed due to subdued market conditions following their submission.
In its 2023 filing, the Asia-focused insurer, backed by tycoon Richard Li, sought $1 billion to accelerate the firm’s growth.
In June 2021, it filed an application with US regulators with an offer size of up to $3 billion. The firm withdrew its US application and shifted its IPO plan to the Hong Kong stock exchange.
FWD’s filing with the Hong Kong exchange did not mention a timeline or a fundraising target. Reports said the insurer has already received preliminary interest from potential investors.
FWD said the proceeds from its IPO would be used to strengthen its capital to prepare for future business expansions.
In its filing , FWD noted that these amounts contribute to its capital adequacy ratios and form part of the regulatory capital base, which supports the company’s growth plans, among others.
FWD is majority owned by Pacific Century Group, the investment firm of Richard Li, son of Hong Kong’s richest individual, Li Ka-shing. Pacific Century has diverse interests spanning finance, technology, and real estate.
Li founded FWD in late 2012 after announcing plans to acquire ING Group’s insurance and pension businesses in Hong Kong, Macau, and Thailand.
FWD, whose minority shareholders include Swiss Re and Apollo Global Management, raised $1.83 billion in private placements in 2021 and 2022, Reuters has reported, valuing the insurer at around $9 billion on a post-money basis.
