Insurer FWD Group, backed by billionaire Richard Li, has announced plans to raise HK$3.47bn through an initial public offering (IPO) in Hong Kong.
According to a regulatory filing, the pan-Asian insurer will offer 91.3 million shares priced at HK$38 each, valuing the company at HK$48.298bn.
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Mubadala Capital, a subsidiary of Abu Dhabi’s sovereign wealth fund, has committed to purchasing $150m worth of FWD shares in the IPO.
Additionally, a subsidiary of Japanese life insurer T&D Holdings will acquire $100m of the stock, as outlined in the filings.
FWD Group plans to use the net proceeds to strengthen its capital position, reduce debt and support operational growth, including enhancements to its digital infrastructure.
Trading of FWD Group shares is scheduled to commence on 7 July 2025 under the stock code 1828, with shares traded in board lots of 100.
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By GlobalDataMorgan Stanley Asia and Goldman Sachs (Asia) are acting as joint sponsors, joint global coordinators, joint bookrunners and joint lead managers for the offering.
This marks FWD Group’s third attempt at a public listing.
A planned New York IPO in 2021, targeting $2–3bn, was abandoned due to delays in securing US regulatory approval, with scrutiny over the company’s connections to mainland China.
A subsequent Hong Kong IPO attempt in 2022 was deferred due to unstable global financial markets.
FWD Group CEO and executive director Huynh Thanh Phong said: “FWD Group has come a long way since we founded the company in Hong Kong in 2013, with a mission of moving the life insurance industry in a new direction – centred around the unique needs of customers, leveraging the latest technology.
“Today, across our ten markets in Asia, we are focused on sustainable growth and value creation by changing the way people feel about insurance for the better. We are doing this by designing compelling products and leveraging our tech-enabled distribution, as well as our distinctive brand, to meet the protection and savings needs of the region’s rapidly expanding middle classes and high-net-worth individuals.”
