Hong Kong's FWD files for US IPO
It is considering about $2b in the US share sale.
Hong Kong-based FWD has confidentially filed for an initial public offering (IPO) in the United States, reports Bloomberg.
The holding company of FWD and FWD Group has submitted a draft registration with the US Securities and Exchange Commission for the planned share sale, according to a statement, but didn’t specify the size and timeline of the offering.
Backed by billionaire Richard Li, FWD is considering raising about $2b in the US share sale, according to sources. A listing could value the insurer at about $13b. Details could still change as deliberations are ongoing, sources added.
The insurer’s new business value reached $617m in 2020, a 24% increase from a year earlier, according to a separate filing with Hong Kong regulators.
The company reported a net loss of $243m on $9.5b revenue last year, compared with a $278m loss in 2019.
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