Thursday, March 23, 2023
HomeInsurance LawLife insurer FWD Group reapplies for IPO in Hong Kong

Life insurer FWD Group reapplies for IPO in Hong Kong

FWD Group, a pan-Asian life insurance coverage firm, has re-filed an utility for an preliminary public providing (IPO) in Hong Kong.

Hong Kong billionaire Richard Li-backed insurer is claimed to have resubmitted the itemizing paperwork with the newest monetary knowledge after its September 2022 utility lapsed.

Citing sources, Bloomberg reported that Fwd is seeking to increase $1bn by means of the IPO.

Relying in the marketplace situation, the insurer may launch the IPO as early because the second quarter.

The proceeds from the share sale will probably be used to drive progress on the firm.

Initially, FWD had deliberate to go public within the US, the place it had filed for an IPO in 2021 and hoped to boost as much as $3bn.

In December 2021, the corporate determined to alter its itemizing venue to Hong Kong and two months later it utilized for an IPO within the Asian monetary centre.

After the preliminary utility expired, the insurer reapplied in September 2022.

Whereas discussions for the IPO are nonetheless underway, specifics together with the scale and timing may change, the sources instructed the publication.

FWD’s spokesperson declined to touch upon the event.

Because it prepares for the IPO, FWD has raised a complete of $1.8bn by means of personal placements over the past two years.

Based a decade in the past, the insurer claims to serve ten million clients throughout ten Asian markets.

Final month, the agency entered the Malaysian life insurance coverage house by agreeing to purchase a majority stake in Gibraltar BSN Life Berhad.



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