This undated photo shows Hong Kong billionaire Richard Li, who is said to lay the groundwork for a potential initial public offering of his insurance company FWD Group. (PAUL YEUNG / BLOOMBERG)
FWD Group Ltd, the acquisitive Asian insurance firm backed by billionaire Richard Li, is leaning toward New York as its preferred venue for an initial public offering this year, according to people with knowledge of the matter.
The company, whose business spans Southeast Asia, is seeking to raise about US$3 billion through an IPO in the US as soon as the third quarter, the people said. A deal could value the insurer at more than US$15 billion, the people said, asking not to be identified because the matter is private.
Founded in 2013, FWD has made numerous acquisitions across Asia in recent years. It has a presence across Hong Kong and Macao special administrative regions, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia
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FWD is working with advisers to adjust its accounting records to US standards and plans to file with regulators in the second quarter, the people said. A US listing would allow Li to keep control of the company via his investment manager Pacific Century Group, one of the people said.
The insurer has been considering a range of options over the last few months including a first-time share sale in Hong Kong, Bloomberg News reported in September. FWD has also weighed plans such as a US listing through a merger with a special purpose acquisition company, the people said.
No final decision has been made and the other potential routes to a listing remain under consideration, the people said. A representative for FWD declined to comment.
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Founded in 2013, FWD has made numerous acquisitions across Asia in recent years. It has a presence across Hong Kong and Macao special administrative regions, Thailand, Indonesia, the Philippines, Singapore, Vietnam, Japan and Malaysia.
