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Richard Li-backed FWD insurance group publicly files for US IPO
- FWD seeking to raise US$2 billion to US$3 billion in IPO, according to people familiar with the matter
- Apollo Global Management affiliate agreed to buy US$400 million in shares as part of a private placement
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FWD Group, the Hong Kong-based insurer backed by tycoon Richard Li Tzar-kai, has made public its plans for a US initial public offering, which is expected to raise as much as US$3 billion.
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The new filing overnight with the US securities watchdog did not disclose the number of American depositary shares (ADS) to be sold as it seeks to list on the New York Stock Exchange and FWD said in a press release that the offer price range has not yet been determined.
As reported by the Post, the insurer previously made a confidential draft registration with the US Securities and Exchange Commission in June. The IPO is expected to raise between US$2 billion and US$3 billion, according to people familiar with the matter.
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In its filing on Thursday, FWD also disclosed that Athene Life Re, a Bermuda reinsurer affiliated with Apollo Global Management, had agreed to purchase US$400 million of its shares as part of a private placement. The insurer also agreed to a strategic partnership with Apollo and Athene, in which Apollo will manage part of its investment portfolio. The partnership will have an initial term of five years.
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Other investors have indicated interest in subscribing to up to US$500 million of shares in the offering, according to the prospectus.
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