FWD raises US$1.4bn from private placement ahead of HK IPO | IFR – International Financing Review

FWD raises US$1.4bn from private placement ahead of HK IPO | IFR – International Financing Review

FWD Group, an Asian insurer controlled by Hong Kong billionaire Richard Li, has raised US$1.425bn from a private placement ahead of a Hong Kong IPO next year.

FWD, which had filed for a US IPO, has now decided to turn to Hong Kong instead for a listing that could come in the first half of next year, said people with knowledge of the matter.

To fulfil the requirements for a Hong Kong listing, FWD is planning to give up a proposed dual-class share structure that would have given Li more voting power than other shareholders, said the people.