FWD had planned to raise $2bn–3bn through a New York initial public offering (IPO) in 2021. Credit: lentamart/Shutterstock.

Billionaire Richard Li-backed insurance company FWD Group is making fresh plans for its IPO in Hong Kong, reported Reuters, citing sources.  

FWD, a pan-Asia insurance company, could seek a valuation of $9bn in the Hong Kong listing, the sources said.  

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However, the target valuation is subject to market conditions when the IPO is launched.  

The timeline of the IPO and the size of the offering are yet to be decided, the sources added.  

“While we do not currently have an active listing application and no decisions have been made to refile at this stage, of course we continue to keep a close eye on capital market developments and conditions,” an FWD representative was quoted by the news agency as saying.  

FWD was set up in 2023 by Li, who controls the insurer though his investment arm Pacific Century Group, which has holdings in real estate, technology, media and telecommunications in addition to finance. 

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According to one of the sources, FWD sought a valuation of at least $10bn during its most recent effort to list in Hong Kong in 2022.  

The insurer ditched the plans because of uncertain market conditions. 

With operations in ten Asian nations, the insurer had planned to raise $2bn–3bn through a New York IPO in 2021.  

However, the plan was abandoned due to delays in securing US regulatory permission. 

FWD’s latest effort to list is still in its early phases and may alter based on investor mood and market circumstances. 

FWD, whose minority shareholders include Swiss Re and Apollo Global Management, raised $1.83bn in private placements in 2021 and 2022, valuing the insurer at around $9bn on a post-money basis. 

Besides Pacific Century Group, FWD counts Swiss Re and Apollo Global Management as its minority shareholders.