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BLOOMBERG
FWD Group Holdings Ltd, the pan-Asian insurance company owned by Hong Kong billionaire Richard Li, has filed for a third time for an initial public offering (IPO) in the financial hub.
The company resubmitted listing documents with updated financial data, confirming an earlier Bloomberg News report, after its September application lapsed. The insurer is still seeking to raise about $1 billion in a share sale, said people familiar with the matter. The IPO, whose proceeds will be used to fuel the firm’s growth, could come as soon as in the second quarter depending on market conditions, the people said, asking not to be identified as the information is private.
FWD was initially looking to go public in the US, where it had filed for an IPO that could have raised as much as $3 billion in 2021. The company in December 2021 decided to switch its listing venue to Hong Kong and applied for a share sale in the Asian financial hub two months later. The insurer refiled in September after the first application lapsed.
Deliberations for the IPO are ongoing and details such as the size and timing could change, the people said. Listings in the Asian financial hub are set to rebound after a record-breaking drought — driven by strict Covid curbs in China and a corporate crackdown — that led many IPO candidates to delay plans. February marked Hong Kong’s first full month without any first-time share sales since September 2012, according to data compiled by Bloomberg.