FWD Group, a pan-Asian life insurance coverage firm, has re-filed an software for an preliminary public providing (IPO) in Hong Kong.
Hong Kong billionaire Richard Li-backed insurer is claimed to have resubmitted the itemizing paperwork with the newest monetary information after its September 2022 software lapsed.
Citing sources, Bloomberg reported that Fwd is seeking to elevate $1bn by means of the IPO.
Relying in the marketplace situation, the insurer may launch the IPO as early because the second quarter.
The proceeds from the share sale might be used to drive progress on the firm.
Initially, FWD had deliberate to go public within the US, the place it had filed for an IPO in 2021 and hoped to boost as much as $3bn.
In December 2021, the corporate determined to vary its itemizing venue to Hong Kong and two months later it utilized for an IPO within the Asian monetary centre.
After the preliminary software expired, the insurer reapplied in September 2022.
Whereas discussions for the IPO are nonetheless underway, specifics together with the scale and timing may change, the sources informed the publication.
FWD’s spokesperson declined to touch upon the event.
Because it prepares for the IPO, FWD has raised a complete of $1.8bn by means of non-public placements over the past two years.
Based a decade in the past, the insurer claims to serve ten million prospects throughout ten Asian markets.
Final month, the agency entered the Malaysian life insurance coverage area by agreeing to purchase a majority stake in Gibraltar BSN Life Berhad.