Gabriel Budi Sutrisno · · 1 min readRichard Li’s FWD to file for IPO for third time: report
Pan-Asian insurance firm FWD Group Holdings is set to file for an IPO for the third time, Bloomberg reported, quoting sources.
The company, owned by Hong Kong billionaire Richard Li, will resubmit its listing files with updated financial data on Monday at the soonest, with the IPO itself expected to be held in the second quarter of the year.
The financial debut could net FWD US$1 billion, lower than the US$3 billion it was aiming to raise in its first IPO plan in the US two years ago.
The company later changed course to Hong Kong when it filed for an IPO in September 2022 but the application has just lapsed.
FWD raked in US$1.8 billion through private placements in the past two years. These came from investors such as Siam Commercial Bank, Orix Asia Capital, and Huatai.
In Southeast Asia, FWD has made various moves, including a tie-up with Singapore’s One Esports to launch lifestyle app Omne as well as a strategic investment into Malaysian insurance firm Gibraltar BSN Life.
See also: Layoffs at Richard Li-backed Hyphen Group after SPAC deal falls through
Editing by Miguel Cordon and Lorenzo Kyle Subido
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