Richard Li's FWD Group files for HK IPO again

FWD Group, the insurer backed by tycoon Richard Li, has refiled its share offering listing application to the Hong Kong Stock Exchange (HKEX).

The group has appointed Goldman Sachs (Asia) and Morgan Stanley Asia as overall coordinators to refile a Form A1 main board listing application, while HSBC serves as the financial adviser, according to the application proof.

While FWD Group’s filing with the exchange did not specify a timeline or fundraising target, the company could aim to raise several hundred million dollars from an initial public offering (IPO) that may occur this year, according to Bloomberg. It has received preliminary interest from potential investors. Ongoing discussions could lead to changes in details such as the timing and size of the offering, according to the report. 

MARKETING-INTERACTIVE has reached out to FWD for more information. 

Don't miss: FWD Group refiles listing application with HK's stock exchange

This is FWD Group's fourth submission of a listing application. The group submitted twice in 2022 and again in March 2023, but the listing plans were put on hold due to the applications being in an expired status. In March 2023, FWD Group refiled its application to list on HKEX, after it had postponed its planned listing in May 2022 amidst market instability. 

According to its application proof, the application aimed at strengthening FWD’s share capital, enhancing its solvency position and central liquidity, as well as building a capital buffer in excess of applicable statutory requirements.

Back in March, FWD reported a net income after tax of US$24 million for 2024, marking its first full year of profitability under the new IFRS 17 accounting standards, as well as its first positive operating cash flow. Operating profit after tax rose by 29% to US$463 million, driven by positive contributions from all four of the company's geographic segments, including Hong Kong, Macau, Thailand, Cambodia, Japan, and emerging markets.

According to FWD, the new business contractual service margin increased by 55% in the first quarter compared to the same period the previous year.

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