FWD files for US IPO

The pan-Asian life insurer is owned by Hong Kong billionaire, Richard Li.

The FWD Group Holdings Limited has announced its intention to go public through the U.S. Securities and Exchange Commission.

In its announcement, FWD Group said that the number of American depositary shares (ADS) to be offered and the price range for the proposed offering have not yet been determined, however, the initial public offering is expected to raise up to $3b.

Morgan Stanley & Co. LLC, Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities LLC, HSBC Securities (USA) Inc. and CMB International Capital Limited are serving as representatives of the underwriters and joint book-running managers for the proposed offering.

The insurer earned $6.02b in revenue for the first six months of 2021, a significant increase from $3.94b it earned for the same period last year.