Billionaire Richard Li’s FWD Group seeks to raise HK$3.47 billion in Hong Kong IPO

INSURER FWD Group, backed by billionaire Richard Li, is looking to raise HK$3.47 billion (S$565.3 million) through a Hong Kong initial public offering, according to a regulatory filing on Thursday.

The pan-Asian insurer is offering 91.3 million offer shares in total at an offer price of HK$38.00 apiece.

Lately, Hong Kong listing volumes have rebounded, 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.

Markets are currently on the lookout for online fast-fashion retailer Shein’s highly anticipated Hong Kong listing after its London and New York IPO plans fell through.

Reuters had earlier reported that FWD was looking to revive its plans to list on Hong Kong with a target valuation of up to US$9 billion, below its aim of at least US$10 billion when it last attempted to list in 2022. REUTERS