FWD Group, an insurance company backed by billionaire Richard Li Tzar-kai, submitted a new application for an initial public offering in Hong Kong on 19 May 2025, according to a press release from the group.
The insurer’s application to the Hong Kong Stock Exchange confirmed an earlier Bloomberg report that it might be filed as early as Monday.
Morgan Stanley and Goldman Sachs Group Inc. are acting as joint sponsors, with HSBC Holdings Plc serving as the financial adviser, according to the HKEX application.
FWD Group is reportedly planning an IPO this year, aiming to raise several hundred million dollars, according to sources familiar with the matter. Potential investors have shown early interest in the the FWD Hong Kong IPO, according to sources who requested anonymity due to the private nature of the discussions.
Plans are still in progress, and details like the timing and size of the offering could change. Bloomberg also confirmed that a representative from FWD Group declined to comment on the matter.
FWD, founded in 2013 by Richard, has explored going public a few times aside from the current FWD Hong Kong IPO. This includes an attempt in Hong Kong in March 2023 and a previous consideration for a New York IPO in 2021. Instead, it opted to raise capital through private placements, China Daily reported.
The group also announced a robust start to 2025, with its first quarter new business highlights comprising new business sales growth of 46%. Compared to the same period last year, it went up to US$679 million.
The group’s press release indicated that there was particularly strong growth from Hong Kong SAR & Macau SAR, which purportedly mirrored the demand from local and mainland China customers.
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