HONG KONG - Hong Kong tycoon Richard Li’s insurer FWD said it has lodged an application to regulators for an initial public offering in the United States.

Richard Li is the son of Hong Kong’s richest man Li Ka-Shing

The company did not reveal the size of the IPO but the deal could raise between US$2 to US$3 billion, people familiar with the matter said.

A raising of that size would value FWD at US$13 billion to US$15 billion, they added.

FWD declined to comment on the potential raising size.

The number of American Depositary Shares (ADS) or a price range has yet to be determined, a statement from the company said.

“The IPO is expected to take place after the SEC completes its review process, subject to market conditions,” it added.

ALSO READ: Richard Li’s FWD said to lean toward US for US$3 billion IPO

The IPO filing comes under FWD holding company PCGI Intermediate.

Richard Li is the son of Hong Kong’s richest man Li Ka-Shing.

FWD was established in 2013 and is the insurance business of Li’s investment arm Pacific Century Group.

FWD has businesses across 10 Asian countries led by Hong Kong, Indonesia, Japan and Macau, according to its website.

The company has US$62.6 billion in assets and 9.8 million customers, a factsheet on its website states which also says FWD’s minor shareholders include Swiss Re, GIC Ventures, RBJ Capital and Hopu Investments.