FWD Group prices Hong Kong IPO at $4.84 for 7 July debut

The offering is expected to raise $445m.

FWD Group has priced its Hong Kong IPO at $4.84 (HK$38) per share, ahead of its listing on the main board of the Hong Kong Stock Exchange on 7 July 2025. 

Trading will begin at 9:00 a.m., with a board lot size of 100 shares.

The offering is expected to raise $445m, or up to $512m if the over-allotment option is fully exercised.

Proceeds will be used to strengthen FWD’s capital position, support growth, reduce debt, and enhance digital capabilities.

The Hong Kong retail tranche was over-subscribed by about 37 times, leading to a reallocation of shares from the international tranche. 

The final retail allocation was 27.4 million shares, or 30% of the total offer. 

The international tranche comprised 63.9 million shares, with 129 placees and an over-allocation of 13.7 million shares.

The over-allotment option allows for up to 13.7 million additional shares to be issued within 30 days.