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Richard Li’s FWD Plans Up to $3 Billion Hong Kong IPO
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Richard Li’s FWD Plans Up to $3 Billion Hong Kong IPO
(Bloomberg) -- FWD Group Ltd., the Asian insurer backed by billionaire Richard Li, is planning a Hong Kong initial public offering that could raise as much as $3 billion, according to people familiar with the matter.FWD is working with advisers on the potential share sale, which could take place as soon as next year, said the people, who asked not to be identified as the information is private.Deliberations are at an early stage and details of the offering could change, the people. A representative for FWD declined to comment.Founded in 2013, FWD has $50.9 billion in assets under management, according to its website. The insurer has more than 7.5 million customers and 6,200 employees across Hong Kong and Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia.FWD has been on an acquisition spree in recent years. The Hong Kong-based insurer paid $3 billion for a life insurance business in Thailand last year, followed by a bancassurance deal with Vietnam’s biggest lender. In June, FWD agreed to buy a significant minority stake in PT Rakyat Indonesia’s life insurer that values the business at about $1 billion, Bloomberg News reported. The firm completed the acquisition of two of MetLife Inc.’s Hong Kong units in February.(Adds more details about FWD from fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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