Mubadala Capital, T&D Said to Be Cornerstone Investors in IPO of Billionaire Li’s FWD

Mubadala Capital and Japan’s T&D Holdings Inc. are set to be cornerstone investors in insurer FWD Group Holdings Ltd.’s initial public offering in Hong Kong, according to people familiar with the matter.

FWD, controlled by billionaire Richard Li, may have a valuation of about $6 billion, the people said, asking not to be identified discussing confidential information. There’s enough preliminary interest from investors to cover the books nearly two times ahead of the official launch, the people said.