FWD Group is preparing to launch its Hong Kong initial public offering (IPO) to raise approximately $500 million as early as next week, according to two sources familiar with the situation.
IPO Details and Background
The insurance company, managed by Hong Kong billionaire Richard Li, has received approval from the Hong Kong Stock Exchange to proceed with the listing, as indicated on the exchange’s website.
Previous Attempts and Challenges
This marks FWD’s third attempt to go public. Initially, the company aimed for a New York IPO in 2021 to raise between $2 to $3 billion. However, the plan was abandoned due to prolonged delays in securing U.S. regulatory approval. U.S. regulators raised concerns about FWD’s connections to mainland China, treating it as a Chinese entity rather than a Hong Kong-based company, according to sources cited by Reuters.
Subsequently, FWD targeted a Hong Kong IPO in 2022, but those plans were postponed due to unstable global financial markets at the time.
Company Overview
Founded in 2013 by Li, the son of Hong Kong’s wealthiest individual Li Ka-shing, FWD is controlled through the investment arm Pacific Century Group, which has interests in technology, media, telecommunications, property, and financial sectors.
FWD operates in ten Asian markets and counts Apollo, Swiss RE, and GIC among its shareholders, according to regulatory filings.
