Billionaire Richard Li’s FWD to Raise $1.4 Billion, Weighs Hong Kong IPO
- Asian insurer to reach valuation of $9 billion after round
- Richard Li’s FWD decides to pursue Hong Kong listing over U.S.
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Billionaire Richard Li’s FWD Group Ltd. raised more than $1.4 billion in private placements with investors including an insurer backed by Apollo Global Management Inc.
The investors include Apollo’s Athene Holding Ltd., Canada Pension Plan Investment Board, Siam Commercial Bank Pcl and Swiss Re, according to a statement confirming an earlier Bloomberg News report. The proceeds will help FWD boost growth and reduce leverage, the statement showed.