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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.

Here's more from Bloomberg.

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This was partially due to IPOs during the month.
The majority of whom will likely use their credit cards to top up.