6 days ago
Billionaire Richard Li's FWD Group seeks to raise $565 million in Hong Kong IPO
Richared Li, the son of Hong Kong's richest person Li Ka-shing, founded insurer FWD in 2013. PHOTO: REUTERS
SYDNEY - Insurer FWD Group, backed by billionaire Richard Li, is looking to raise HK$3.47 billion (S$565 million) through a Hong Kong initial public offering (IPO), according to a regulatory filing on June 26.
The pan-Asian insurer is offering 91.3 million shares at HK$38 apiece, valuing FWD at HK$48.298 billion, the filings showed.
Abu Dhabi's sovereign wealth fund Mubadala has subscribed to buy US$150 million worth of FWD shares in the IPO and a subsidiary of Japanese life insurer T&D Holdings will buy US$100 million of stock, the filings showed.
The stock will start trading on the Hong Kong Stock Exchange on July 7.
FWD said it would use the proceeds to improve its capital position, reduce debt and grow its customer base and digital strategies.
The deal is FWD's third attempt to go public after it initially aimed for a New York IPO in 2021 to raise up to US$3 billion (S$3.8 billion).
The insurance group shelved the plan due to lengthy delays in obtaining US regulatory approval. FWD faced questions from the US 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.
FWD then targeted a Hong Kong IPO in 2022 but put those plans on hold due to volatile global financial markets at the time.
Mr 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.
Hong Kong listing volumes have rebounded in 2025, overcoming subdued activity in the last couple of years with CATL's US$4.6 billion raise and Jiangsu Hengrui Pharmaceuticals' US$1.27 billion listing. REUTERS
Join ST's Telegram channel and get the latest breaking news delivered to you.
