FWD gets greenlight for IPO

The group plans to raise $1b.

Asian insurer FWD Group Holdings Ltd has received a greenlight for its planned $1b initial public offering (IPO) in Hong Kong, according to reports.

An insider said the group received approval following a hearing with the Hong Kong bourse’s listing committee. The insider added that FWD has yet to decide when to launch the IPO

The company received the green light following a hearing Thursday with the Hong Kong bourse’s listing committee, according to the person, who asked not to be identified as the information is private. The company hasn’t decided when to launch the IPO, the person added.

FWD was initially targeting a US listing before making its decision to switch to Hong Kong in February. FWD Group is backed by Hong Kong billionaire Richard Li.

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