Hong Kong Tycoon’s FWD Nears Filing for $1 Billion IPO
- Insurer shifted its IPO plan from U.S. to Hong Kong last year
- Company could seek to raise $1 billion, people familiar say
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FWD Group Holdings Ltd., the Asian insurer backed by Hong Kong billionaire Richard Li, filed an application for an initial public offering in the city, after U.S.-China tensions scuppered more ambitious plans for an overseas debut.
Sponsoring banks include Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co. and CMBI, according to a filing Monday to the Hong Kong Stock Exchange which didn’t specify how much it would raise. The company could seek to raise about $1 billion in a share sale this year, Bloomberg News reported earlier, citing people familiar with the matter.